Nigeria and the United Kingdom have signed a £746 million export finance agreement to modernise the Apapa and Tin Can Island ports in Lagos.
Gatekeepers News teports that the deal which was aimed at boosting trade and improving maritime infrastructure, was finalised during a meeting between Bola Tinubu and Keir Starmer in London as part of Tinubu’s state visit to the UK.
The agreement will be backed by UK Export Finance (UKEF), which will guarantee loans used to rehabilitate the Lagos Port Complex in Apapa and the Tin Can Island Port. The financing is expected to be arranged by Citibank.
As part of the project, British Steel will supply about 120,000 tonnes of steel valued at £70 million, while at least 20 percent of the project components are to be sourced from the UK—generating an estimated £236 million in contracts for British firms.
Officials say the upgrade will significantly improve port efficiency through modern infrastructure, digitalisation, and automated systems, reducing delays in cargo handling and lowering logistics costs.
Minister of Marine and Blue Economy, Adegboyega Oyetola, described the initiative as a major turning point that will reposition Nigeria as a leading maritime hub in West and Central Africa.
Apapa and Tin Can ports currently handle over 70 percent of Nigeria’s import and export activities but have suffered from outdated infrastructure for decades. The new deal is expected to deliver the most comprehensive upgrade of the facilities in nearly 50 years.
The agreement also reflects deepening economic ties between Nigeria and the UK, with both countries seeking to expand trade, investment, and broader bilateral cooperation.
