The governments of the United Kingdom and Nigeria have signed a landmark £746 million agreement to redevelop two of Nigeria’s busiest ports, marking one of the most significant trade and investment partnerships between both countries in recent years.
The deal, backed by UK Export Finance (UKEF), will fund the modernisation of the Lagos Port Complex (Apapa Quays) and TinCan Island Port Complex—key maritime hubs critical to Nigeria’s import and export activities.
The agreement was signed in London on Thursday, March 19, with senior officials from both countries in attendance, including President Bola Ahmed Tinubu and Nigeria’s Minister of Finance, Wale Edun.
The project is expected to support thousands of skilled jobs across both the UK and Nigeria, while injecting hundreds of millions into the two economies. At least £236 million of the total deal will go to British companies, reinforcing industrial growth in the UK.
A major beneficiary is British Steel, which secured a record £70 million contract to supply 120,000 tonnes of steel billets—its largest UKEF-backed export order to date. UK Business and Trade Secretary Peter Kyle described the deal as a major boost for British manufacturing and a reflection of strong bilateral relations.
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, said the project aligns with the government’s vision to unlock the country’s maritime potential. According to him, the upgraded ports will significantly improve efficiency through automation and expanded capacity, reducing cargo delays, cutting logistics costs, and enhancing transparency in port operations.
The redevelopment is expected to position Nigeria as a leading maritime hub in West and Central Africa, while improving trade flows and increasing government revenue.
The funding will be delivered through UKEF’s Buyer Credit Facility, arranged by Citibank (London branch), which will provide financing to support the project. Construction will be handled by Hitech Nigeria and ITB Nigeria, companies known for delivering major infrastructure projects across the country.
Tim Reid, CEO of UKEF, said the agreement demonstrates the agency’s capacity to unlock transformative opportunities for UK exporters while supporting sustainable growth in emerging markets.
Alongside the ports deal, both countries signed a Memorandum of Understanding (MoU) to deepen future collaboration in trade, infrastructure, and investment.
The MoU outlines Nigeria’s pipeline of priority projects and opens the door for further UKEF-backed financing, strengthening long-term economic ties between the two nations.
Analysts say the agreement sends a strong signal to global investors that Nigeria remains open to business, with a renewed focus on infrastructure development and international partnerships.
Reporting By Chioma Ezike