Nigeria secured a $1 billion export finance deal with the UK to revamp two historic shipping ports in Lagos, the highlight of President Bola Tinubu’s state visit to Britain.
Nigeria’s congested Apapa and Tin Can Island ports are synonymous with expensive delays in landing and clearing cargo. The poor state of the facilities raise costs for local manufacturers that depend on imported components and, ultimately, the final prices of goods for consumers. The financing for the upgrade will be in the form of credit arranged by Citibank and will generate supply contracts worth $314 million for British firms, the UK government said, including a $93 million contract for British Steel.
The deal capped Tinubu’s two-day state visit during which he met with King Charles III and Prime Minister Keir Starmer, the first such visit by a Nigerian leader in nearly four decades.