Nigeria secures major infrastructure financing as President Bola Ahmed Tinubu and UK Prime Minister Keir Starmer partner to modernise Lagos ports and strengthen bilateral trade ties
President Tinubu has signed a landmark £746 million ports development agreement with UK Prime Minister , aimed at upgrading Nigeria’s key maritime infrastructure and boosting trade efficiency.
The deal, backed by the United Kingdom’s export credit agency, will fund the rehabilitation of two of Nigeria’s busiest seaports — the and the . These ports handle a large share of the country’s import and export activities, making them critical to national economic growth.
Under the agreement, the financing will support the deployment of modern equipment, improved port logistics, and expanded operational capacity to reduce congestion and enhance efficiency. The transaction is being coordinated by global financial institution .
The deal is also expected to benefit British businesses, with about £236 million in contracts going to UK firms, including a £70 million allocation to a British steel company, providing support to the UK’s industrial sector.
The signing underscores a renewed commitment by both Nigeria and the United Kingdom to strengthen economic cooperation. Analysts note that the project aligns with Nigeria’s broader push to attract foreign investment and modernise critical infrastructure.
With the ports playing a central role in the country’s trade ecosystem, the upgrade is expected to improve cargo turnaround time, ease bottlenecks, and position Nigeria as a more competitive trade hub in West Africa.
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