By BANNERNEWS Reporter, London
The United Kingdom and Nigeria on Thursday signed a £746 million ports redevelopment agreement to modernise key maritime infrastructure and deepen bilateral trade relations.
The deal, backed by UK Export Finance (UKEF), will fund the refurbishment of two major facilities in Lagos — the Lagos Port Complex and the Tin Can Island Port Complex.
The agreement was executed between UKEF, the Nigerian Ports Authority and Nigeria’s Federal Ministry of Finance, with financing coordinated by Citibank’s London branch under a buyer credit facility.
Officials said the project is expected to generate thousands of skilled jobs in both countries, while boosting trade efficiency and reducing bottlenecks in Nigeria’s port system. At least £236 million of the total contract value will go to British companies.
A major component of the deal includes a £70 million export contract awarded to British Steel to supply 120,000 tonnes of steel billets for the project, marking one of the company’s largest overseas orders.
Speaking at the signing ceremony in London, Peter Kyle described the agreement as a boost for UK manufacturing and a reflection of growing UK-Nigeria economic ties. He said the deal would support jobs and reinforce the global competitiveness of British industry.
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, said the port modernisation aligns with the Federal Government’s drive to unlock the potential of the maritime sector. He noted that upgraded infrastructure and automated processes would cut cargo dwell time, reduce costs and improve transparency.
In addition to the ports deal, both countries signed a Memorandum of Understanding to expand cooperation in trade, infrastructure and investment, signalling a long-term commitment to economic partnership.
The project will be executed by Hitech Nigeria and ITB Nigeria, firms involved in major infrastructure developments across the country, as Nigeria positions itself as a leading maritime hub in West and Central Africa.
