Nigeria, UK seal £746m deal to redevelop Tin Can, Apapa ports
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Nigeria and the United Kingdom have signed a £746 million export finance deal to support the redevelopment of Lagos’ Apapa and Tin Can Island port complexes.
As reported by the BBC, the agreement was finalised during a meeting between Prime Minister Keir Starmer and President Bola Tinubu at Downing Street, London, on Thursday.
The report stated that under the deal, UK Export Finance will guarantee loans for the refurbishment of the two port complexes, adding that the financing arrangement will be coordinated by Citibank.
It stated that as part of the project, British Steel will supply 120,000 tonnes of steel for the port works under a £70 million contract.
According to the report, at least 20 per cent of project components will be sourced from the UK, generating an estimated £236 million in supplier contracts for British companies.
Commenting on the deal, UK Trade Secretary Peter Kyle said, “This deal will reinforce British Steel’s world-class expertise while supporting jobs and growth in Scunthorpe.”
Also speaking during the signing, Starmer described the agreement as “historic,” noting that it is the first time a West African leader has signed such a deal in 37 years.
He added that President Tinubu’s visit marks a significant milestone in bilateral relations.
He added that President Tinubu’s visit marks a significant milestone in bilateral relations.
Speaking before the meeting, President Tinubu said discussions with the UK government would focus on “trade, economic cooperation, and shared challenges — including security and climate change.”
The Minister of Marine and Blue Economy, Adegboyega Oyetola, said the port redevelopment would strengthen Nigeria’s role in regional trade.
He said, “This project will strengthen Nigeria’s position as a leading maritime hub in West and Central Africa.”
PUNCH Online reports that Tinubu’s state visit to the UK began on Wednesday, following an invitation from Their Majesties King Charles III and Queen Camilla at Windsor Castle.
The visit also includes plans to sign a Memorandum of Understanding to deepen trade and investment ties between the two countries.
Tinubu was accompanied by a high-profile delegation, including Senate President Godswill Akpabio; Attorney General and Minister of Justice, Prince Lateef Fagbemi; Minister of Solid Minerals, Dele Alake; Minister of Information and National Orientation, Idris Mohammed; and Minister of State for Foreign Affairs, Ambassador Bianca Ojukwu.
Other members of the delegation include Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; Minister of Culture and Creative Economy, Hannatu Musawa; Minister of Communications and Digital Economy, Bosun Tijani; Minister of Defence, Gen. Christopher Musa; National Security Adviser, Malam Nuhu Ribadu; and Director-General of the National Intelligence Agency, Mohammed Mohammed.
culled from punch
