London: Nigeria and the United Kingdom have entered into a £746 million agreement to refurbish two key ports in Lagos, as announced by President Bola Tinubu. The signing of this significant deal took place during a meeting with British Prime Minister Keir Starmer at 10 Downing Street. The agreement aims to modernize the Apapa and Tin Can Island Ports, marking a pivotal step in enhancing bilateral trade relations and fortifying Nigeria’s economic infrastructure.
According to News Agency of Nigeria, President Tinubu emphasized the importance of this agreement as a landmark achievement in bolstering trade ties and infrastructure development. He noted that the collaboration is vital for Nigeria’s economic competitiveness and maritime capabilities. The president expressed the need to consolidate decades of institutional cooperation, urging both nations to focus on expanding trade, investment flows, and sustainable partnerships in a rapidly evolving global context.
During the discussions, Tinubu and the British government addressed topics including trade, economic reforms, climate change, and security challenges. The president highlighted Nigeria’s ongoing economic reforms and stressed the importance of coordinated global responses to current challenges. He underscored the need to improve the welfare of the people through collaborative efforts to enhance livelihoods.
British Prime Minister Keir Starmer hailed the visit as historic, underlining the depth of the relationship between the two countries and their shared commitment to future cooperation. He highlighted the significance of the State Banquet hosted by King Charles III as a testament to the enduring diplomatic ties and mutual respect. Starmer reaffirmed the UK’s appreciation for the contributions of Nigerians to British society and the economy, noting that existing collaborations in trade, defense, and security would be further strengthened by the new agreements.
The formal signing ceremony for the £746 million ports modernization agreement took place at Lancaster House, witnessed by President Tinubu and his wife, Sen. Oluremi Tinubu. Nigeria’s Minister of Finance, Wale Edun, signed on behalf of Nigeria, while UK Minister Blair McDougall represented the British government. Edun emphasized that the agreement aligns with Nigeria’s infrastructure development priorities and the administration’s Renewed Hope Agenda. He noted the importance of strong bilateral partnerships in mobilizing investment, stimulating economic activity, and reducing poverty.
Edun also highlighted that modernizing the Apapa and Tin Can Island Ports would enhance operational efficiency, improve logistics, and position Nigeria as a competitive hub for regional and international trade. The agreement reflects growing confidence and mutual trust between Nigeria and the UK, with both sides committed to achieving measurable economic outcomes.