UK and Nigeria agree billion-dollar export finance deal to refurbish ports
World News
Reuters/Hannah McKay (Pic): Nigerian President Bola Tinubu walks before his meeting with Britain's Prime Minister Keir Starmer at 10 Downing Street during Tinubu's state visit to Britain, in London, Britain, March 19, 2026
Britain and Nigeria announced a 746 million pound ($990.32 million) export finance deal on Thursday to fund the redevelopment of two of Nigeria's main trading ports.
- UK Export Finance will guarantee the investment in the refurbishment of the Lagos Port Complex and the TinCan Island Port Complex.
- The loan will be coordinated and arranged by Citibank.
- The deal is expected to result in 236 million pounds of supplier contracts for British firms.
- Benefits include a 70 million pound contract for British Steel, described by the government as a major boost to Britain's steelmaking industry, on the day it announced a new strategy to help the struggling sector.
- Deal comes during Nigerian President Bola Tinubu's state visit to Britain.
Source: reuters.com
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