Nigeria and UK Sign £746M Deal for Port Redevelopment

Nigeria and the United Kingdom have signed a £746 million deal to support the redevelopment of the Tin Can and Apapa port complexes. The agreement was finalized during a meeting between UK Prime Minister Keir Starmer and Nigerian President Bola Tinubu at Downing Street in London on Thursday.

The UK Export Finance will guarantee loans for the refurbishment of the two port complexes, with financing arrangements coordinated by Citibank. British Steel is set to supply 120,000 tons of steel for the port work, with a contract valued at £70 million.

At least 20% of project components will be sourced from the UK, generating an estimated £236 million in supplier contracts for British companies. UK Trade Secretary Peter Kyle emphasized the deal's potential to reinforce British steel expertise and support job growth in Scunthorpe.

Starmer described the agreement as historic, marking the first time in 37 years that a West African leader has signed such a deal. President Tinubu's visit to the UK also included discussions on trade, economic cooperation, and shared challenges like security and climate change.