Nigeria, UK Seal Historic £746m Deal to Revamp Apapa, Tin Can Island Ports

Nigeria and the United Kingdom have entered into a significant £746 million export finance agreement aimed at revitalizing the Apapa and Tin Can Island port complexes in Lagos.

This arrangement was finalized during President Bola Tinubu’s meeting with Prime Minister Keir Starmer at Downing Street in London on Thursday.

The financing, guaranteed by UK Export Finance, will support comprehensive refurbishment efforts at the two key port facilities, with Citibank coordinating the loan process.

As part of the initiative, British Steel has secured a £70 million contract to provide 120,000 tonnes of steel required for the construction and upgrade works.

UK Trade Secretary Peter Kyle highlighted the benefits, stating, “This deal will reinforce British Steel’s world-class expertise while supporting jobs and growth in Scunthorpe.”

He emphasized that the project is expected to generate substantial opportunities for British firms.

The agreement ensures that no less than 20 per cent of the project components will originate from the United Kingdom, leading to an estimated £236 million in contracts awarded to British suppliers.

 This structure underscores the mutual economic advantages embedded in the partnership.

Prime Minister Keir Starmer described the pact as “historic,” pointing out that it represents the first such export finance deal signed with a West African leader in 37 years.

He noted that President Tinubu’s ongoing state visit marks an important advancement in the longstanding relationship between the two nations.

President Tinubu indicated ahead of the discussions that the talks would center on enhancing trade, fostering economic collaboration, and addressing common issues such as security and climate change.

Nigeria’s Minister of Marine and Blue Economy Gboyega Oyetola said the redevelopment initiative is poised to bolster Nigeria’s standing as a premier maritime hub across West and Central Africa.