President Bola Ahmed Tinubu has witnessed the signing of a £746 million (about $990 million) export finance agreement between Nigeria and the United Kingdom to overhaul two of the country’s busiest seaports in Lagos.
The deal, signed between Nigeria’s Ministry of Finance led by Wale Edun and Citibank, will fund the comprehensive modernisation of the Apapa Port Complex and Tin Can Island Port—facilities that account for more than 70 per cent of Nigeria’s import and export activities.
Backed by UK Export Finance (UKEF), the agreement is being described as Nigeria’s most significant port upgrade initiative in nearly five decades. The project is expected to introduce modern cargo-handling equipment, digital systems, and automation to improve efficiency and reduce longstanding congestion at the ports.
The signing took place during Tinubu’s state visit to the United Kingdom from March 18 to 19, 2026, where he held talks with British Prime Minister Keir Starmer in London.
Officials say the financing package will not only transform Nigeria’s maritime infrastructure but also strengthen trade ties between both countries. The UK government noted that the deal is expected to create major commercial opportunities for British companies, with about £236 million in contracts earmarked for UK suppliers.
Part of the package includes a £70 million contract for British Steel, a move seen as a boost to the UK’s domestic steel industry amid broader efforts to support the sector.
The agreement comes at a time when bilateral trade between Nigeria and the UK has reached a record £8.1 billion annually, driven by initiatives such as the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP).
Analysts believe the port upgrade will significantly improve cargo movement, reduce delays, and position Nigeria as a more competitive maritime hub in West and Central Africa.
For Nigeria, the modernisation of Apapa and Tin Can Island ports is expected to ease trade bottlenecks, cut business costs, and support long-term economic growth.
