Nigeria and UK Sign £746m Deal to Modernize Lagos Ports

Nigeria and the United Kingdom have entered into a £746 million financing agreement aimed at overhauling two of Nigeria's busiest seaports in Lagos. This deal is expected to significantly boost maritime efficiency, reduce trade bottlenecks, and strengthen the bilateral economic relationship.

The financing will support the comprehensive rehabilitation and modernization of the Lagos Port Complex and Tin Island Port Complex, which are critical gateways for handling a large share of Nigeria's international cargo traffic. The agreement, backed by the UK Export Finance agency, guarantees loans through Citibank's London branch.

The project will be implemented in partnership with the Nigerian Port Authority and Nigeria's Federal Ministry of Finance. Adegboyega Oyetola, Nigeria's Minister of Marine and Blue Economy, described the initiative as a major milestone in the federal government's strategy to unlock Nigeria's maritime potential.

The project is expected to enhance operational efficiency, reduce vessel turnaround times, and lower logistics costs, while also providing significant commercial opportunities for British companies.