LONDON, UNITED KINGDOM — Nigeria and the United Kingdom have signed a landmark £746 million export finance agreement to modernize the Apapa and Tin Can Island port complexes in Lagos, a move aimed at boosting trade efficiency and strengthening bilateral economic ties.
The agreement was reached during high-level talks between President Bola Ahmed Tinubu and UK Prime Minister Keir Starmer as part of Tinubu’s state visit to Britain.
The financing, backed by UK Export Finance and coordinated by Citibank, will fund the comprehensive redevelopment of the Lagos Port Complex (Apapa) and Tin Can Island Port—two of Nigeria’s busiest maritime gateways handling a significant share of the nation’s imports and exports. Officials say the project will introduce modern infrastructure, digital cargo systems, and automated processes designed to reduce congestion, speed up cargo clearance, and improve overall efficiency at the ports. As part of the deal, British firms are expected to secure at least £236 million in supply contracts, including a major £70 million steel supply agreement involving British Steel. Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, described the initiative as a major step toward positioning Nigeria as a leading maritime hub in West and Central Africa. The agreement is also expected to enhance trade capacity, reduce logistics costs, and improve revenue generation, marking a significant milestone in Nigeria’s ongoing economic reform and infrastructure development agenda.
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Nigeria, UK Sign £746m Deal to Upgrade Apapa, Tin Can Ports
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