UK, Nigeria Seal £746m Deal to Upgrade Lagos Ports
The United Kingdom and Nigeria have sealed a £746 million ($990 million) export finance agreement to support the redevelopment of two of Nigeria’s major ports, in a move aimed at strengthening trade and infrastructure.
The financing—backed by UK Export Finance—will fund the refurbishment of the Lagos Port Complex and the Tin Can Island Port Complex, both located in Lagos.
The project is expected to boost cargo handling capacity, ease congestion, and modernise port operations—key components of Nigeria’s import and export system. Supported by international financial institutions, the deal is also projected to create business opportunities for British companies involved in the upgrade.
The agreement was announced during the state visit of President Bola Ahmed Tinubu to the UK, highlighting deepening economic cooperation between both countries.
Blessing Anolaba
Editorial & Creative Correspondent
A storyteller and journalist passionate about telling stories for policy change and impact.
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