UK, Nigeria seal £70m steel deal to upgrade Lagos ports

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.

UK Prime Minister Keir Starmer disclosed this during a bilateral meeting with President Bola Tinubu at 10 Downing Street on the second day of the Nigerian leader’s state visit to Britain.

“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,” he stated.

Tinubu, in his remarks, said Nigeria is undergoing “very strong reform of the economy” and linked terrorism challenges in West Africa to climate-related conflicts.

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“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 President described Nigeria as facing major challenges, stating, “The largest country in West Africa, and on the continent, is challenged by terrorism coming from the conflict of climate change.”

Tinubu noted that both countries are affected by global economic pressures, saying, “Currently, the entire world is challenged. Nigeria is not immune. Britain is not immune.”

He said the discussions focused on the “economic welfare of the people and how we can work together to improve livelihood” amid economic uncertainty.

The President added that Thursday’s bilateral talks would address what Britain can do to “accelerate the friendship, partnership and collaboration” between both nations.

Starmer described the visit as historic, noting it was the first inward state visit by a Nigerian leader 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,” he said.

He said both countries already work together on the economy, defence, and security, and expressed interest in strengthening the partnership.

“Today is the opportunity to take that to another level with the agreements that we’ve been able to reach on exports,” he stated.

Before the meeting, 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 improve 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.”