By Melezenawii:
UK and Nigeria Seal £746 Million ($990 Million) Export Finance Deal to Modernise Major Ports
Nigeria’s maritime infrastructure, the United Kingdom and Nigeria have agreed on a £746 million (approximately $990 million) export finance package to fund the comprehensive refurbishment and modernisation of two of Nigeria’s busiest seaports.
The landmark deal, backed by UK Export Finance (UKEF), will support the upgrade of the Lagos Port Complex (Apapa) and the Tin Can Island Port Complex in Lagos. These facilities handle over 70% of Nigeria’s imports and exports, making them critical gateways for the country’s trade.
The financing, coordinated and arranged by Citibank with UKEF’s guarantee, is described as the most ambitious port modernisation effort in Nigeria in nearly 50 years. It aims to introduce advanced cargo-handling systems, digitalisation, automation, and other improvements to reduce congestion, speed up operations, and align the ports with international best practices.
The agreement was announced on March 19, 2026, during Nigerian President Bola Tinubu’s state visit to the UK, where he met with British Prime Minister Keir Starmer in London. The formal signing took place amid the visit on March 18-19, 2026.
The deal is expected to generate substantial opportunities for British businesses, including an estimated £236 million in supplier contracts for UK firms. Notably, it includes a £70 million contract for British Steel, which the UK government highlighted as a major support for the domestic steel industry coming on the same day as announcements of new strategies to protect and bolster Britain’s steel sector.
This partnership also aligns with record-high bilateral trade between the UK and Nigeria, recently reaching £8.1 billion annually, supported by initiatives like the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP).
The project is anticipated to enhance Nigeria’s competitiveness as a maritime hub in West and Central Africa, ease trade bottlenecks, and drive economic growth.
