FG, UK sign £747m deal to refurbish 2 Lagos ports

By Ononye VC
Nigeria and the United Kingdom have agreed on a deal to refurbish two major ports in Lagos, worth £746m.
This is even as President Bola Tinubu said Nigeria and the United Kingdom must build on their longstanding relationship by strengthening trade ties and expanding mutually beneficial economic cooperation.
President Tinubu described his state visit to the United Kingdom, the first by a Nigerian leader in 37 years, as “very thrilling and significant” in strengthening bilateral relations between the two nations.
“We can not forget the institutional development we have enjoyed over the years,” he said at Downing Street ahead of bilateral talks.
He noted that discussions would cover trade, the economy, climate change, terrorism, and wider global challenges.
“Nigeria is currently going through strong reforms of its economy, and we will discuss that further in our bilateral discussions.
“Currently, the entire world is challenged. Nigeria is not immune to what is happening around the world. I have seen your reactions on television on certain developments.
“My reaction, as you rightly said, is the economy and the welfare of the people and how we should work together to improve the livelihood of our people,” he said.
Prime Minister Starmer described the visit as historic and highlighted the significance of the State Banquet hosted by the King in honour of the Nigerian delegation.
He reaffirmed the United Kingdom’s appreciation of its enduring relationship with Nigeria, particularly the vibrant people-to-people connections that continue to strengthen both societies.
He noted that both countries already maintain strong collaboration in areas such as the economy, defence, and security, and said the newly reached agreements on exports and business exchanges reflect a shared determination to deepen cooperation and broaden engagement on global issues.
Later, at Lancaster House, President Tinubu, together with his wife, Oluremi, witnessed the £746m agreement for the modernisation of the infrastructure at the Apapa and Tin Can Island ports in Lagos.
According to him, the agreement was signed on behalf of Nigeria by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun and the Parliamentary Under-Secretary of State and UK Minister for Small Business and Economic Transformation, Blair McDougall MP, on behalf of the British government.
Edun explained that the agreements are consistent with Nigeria’s priority on infrastructure, energy, and industrial development.
He noted that the increasing emphasis on bilateral partnerships would help attract the scale of investment required to boost economic activity, create jobs, and reduce poverty, in line with the administration’s Renewed Hope Agenda.
He said the agreements underscore growing confidence and mutual trust between both countries, as well as a shared commitment to deliver tangible economic outcomes for Nigeria and the United Kingdom.