By Enyichukwu Enemanna
Nigeria and the United Kingdom have signed a £746 million export finance agreement to support the redevelopment of the Apapa and Tin Can Island port complexes in Lagos, a major step aimed at improving Nigeria’s maritime infrastructure and boosting trade.
The agreement was announced on Thursday during a bilateral meeting between UK Prime Minister Keir Starmer and Nigerian President Bola Ahmed Tinubu at 10 Downing Street.
The meeting marked the second day of Tinubu’s historic state visit to the United Kingdom.
UK Backs Nigeria Port Redevelopment Project
Speaking during the meeting, Prime Minister Keir Starmer said the export finance agreement reflects the strong and growing partnership between both countries.
“Today is the opportunity to take that to another level with the agreements that we’ve been able to reach on exports, and I think that shows we can go even further than we’ve already gone,” Starmer said.
The redevelopment of Apapa Port and Tin Can Island Port is expected to improve cargo handling capacity, modernise port infrastructure, and enhance Nigeria’s role as a key trade hub in West Africa.
Tinubu Highlights Nigeria’s Economic Reforms
President Bola Tinubu said Nigeria is currently implementing major economic reforms aimed at stabilising the economy and strengthening trade partnerships with global partners.
“We need more trade agreements and economic relationships that we build between nations. Nigeria is currently going through a very strong reform of the economy,” Tinubu said.
The Nigerian president, who is on the visit alongside his wife Oluremi Tinubu and senior government officials, emphasised the need for stronger economic cooperation between both nations.
Terrorism and Climate Change Concerns
Tinubu also linked security challenges in West Africa to environmental pressures, saying conflicts driven by climate change have contributed to the spread of terrorism in the region.
“The largest country in West Africa, and on the continent, is challenged by terrorism coming from the conflict of climate change,” he said.
He added that both Nigeria and the United Kingdom are navigating global economic uncertainties.
“Currently, the entire world is challenged. Nigeria is not immune. Britain is not immune,” Tinubu stated.
Focus on Economic Welfare and Partnership
According to Tinubu, discussions during the bilateral meeting focused on improving the economic welfare of citizens and strengthening collaboration between the two countries.
He said the talks would also explore how Britain could help accelerate partnership, trade and economic cooperation with Nigeria.
Historic State Visit
Prime Minister Starmer described Tinubu’s trip as a historic visit, noting that it represents the first inward state visit by a Nigerian leader to the United Kingdom in 37 years.
“The long and shared history between our countries is obvious and much valued, as is the people-to-people contact and engagement that enriches lives here in the United Kingdom,” Starmer said.
He added that both nations already cooperate in areas such as economy, defence and security, but expressed determination to further deepen the relationship.
“Today is the opportunity to take that to another level with the agreements that we’ve been able to reach on exports,” Starmer said.
