Nigeria, UK Sign £746m Deal for Port Upgrades

On a significant diplomatic visit, Nigeria and the United Kingdom signed a landmark £746 million deal to modernize the Apapa and Tin Can ports, two of Nigeria's busiest maritime hubs. The agreement, finalized on October 29, 2023, aims to enhance trade, create jobs, and deepen economic ties between the two nations.

President Bola Tinubu met with UK Prime Minister Keir Starmer to discuss the deal, which is expected to inject hundreds of millions into Nigeria's economy and support thousands of skilled jobs. The agreement was signed on behalf of Nigeria by Wale Edun, the Minister of Finance, while the UK was represented by Parliamentary Secretary for State at the Department for Business and Trade, Peter Kyle.

The deal includes a financing package guaranteed by UK Export Finance (UKEF) and is set to provide significant contracts to British firms, including a notable £70 million contract for steel supply. This partnership underscores a commitment to mutual economic benefits and reflects a growing confidence in bilateral relations.