Nigeria and the United Kingdom have signed a £746 million ($990 million) export finance agreement to modernise two of Nigeria’s major seaports, marking a significant boost to trade infrastructure.
The agreement will fund the rehabilitation of the and the — two critical hubs for Nigeria’s import and export activities.
The financing will be backed by , which will guarantee the investment.
Tinubu’s UK visit drives agreement
The deal was announced during the official visit of to London, where he met with , the UK Prime Minister.
The partnership underscores growing economic ties between both countries, particularly in infrastructure development and trade.
Role of global financial institutions
The loan arrangement will be coordinated by , ensuring structured financing for the large-scale port upgrade project.
Benefits for both countries
The agreement is expected to:
- Improve efficiency at Nigeria’s busiest ports
- Enhance trade capacity and reduce congestion
- Generate £236 million in contracts for British firms
A major beneficiary is , which is set to secure a £70 million contract under the deal.
Boost for Nigeria’s trade infrastructure
Upgrading the Lagos ports is seen as a critical step toward strengthening Nigeria’s logistics network, reducing delays, and improving the ease of doing business.
The project is also expected to support long-term economic growth by facilitating smoother import and export operations.
