UK and Nigeria sign 746 million pound port finance deal
Britain and Nigeria announced a 746 million pound deal to refurbish two major ports. The agreement will secure contracts for UK firms including British Steel.
The United Kingdom and Nigeria have finalized a 746 million pound ($990.32 million) export finance deal to fund the redevelopment of two major trading ports. The agreement, announced on Thursday, focuses on the refurbishment of the Lagos Port Complex and the TinCan Island Port Complex, with UK Export Finance guaranteeing the investment. Citibank will act as the coordinator and arranger for the loan. The deal is expected to result in 236 million pounds of supplier contracts for British firms, including a 70 million pound contract for British Steel. This development was hailed by the British government as a significant boost to the domestic steelmaking industry, coinciding with the launch of a new strategy to support the sector. The agreement was reached during the state visit of Nigerian President Bola Tinubu to Britain, marking a key moment in the economic relationship between the two countries.
