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Nigeria and UK secure £746M deal to modernize Lagos ports, boosting trade and growth.
Nigeria and the UK have agreed to a £746 million financing deal to modernize the Lagos Port Complex and Tin Can Island Port Complex, with UK Export Finance guaranteeing loans coordinated by Citibank.
The project, part of President Bola Tinubu’s state visit to the UK, aims to reduce trade delays, improve port efficiency, and boost Nigeria’s maritime capacity.
At least £236 million in contracts will go to UK firms, including a £70 million steel order from British Steel for 120,000 tonnes.
The redevelopment will include digital cargo systems and automation, supporting Nigeria’s economic growth and regional trade leadership.
A Memorandum of Understanding is expected to deepen future trade and investment collaboration.
Nigeria y el Reino Unido firman un acuerdo de £ 746 millones para modernizar los puertos de Lagos, impulsando el comercio y el crecimiento.