The United Kingdom and Nigeria have signed a £746 million export finance agreement to upgrade two of Nigeria’s busiest seaports, marking a major boost for trade infrastructure and bilateral economic ties, as reported by Reuters.
The deal, backed by UK Export Finance, will fund the refurbishment of the Lagos Port Complex and Tin Can Island Port Complex, both critical hubs for Nigeria’s international trade and logistics network. The financing arrangement is being coordinated by Citibank.
Business Insider Africa says the project will modernise port infrastructure, improve cargo handling efficiency, and accommodate larger vessels, helping to ease congestion and strengthen Nigeria’s position as a regional trade gateway in West Africa.
The agreement is also expected to generate about £236 million in contracts for British firms, including a significant supply deal for British Steel, highlighting the mutual economic benefits of the partnership.
