Abuja: President Bola Tinubu has announced a landmark £746 million agreement between Nigeria and the United Kingdom to refurbish and modernise two major Lagos ports.
He said the deal will deepen economic cooperation between both nations and boost Nigeria’s maritime infrastructure, positioning the country for stronger trade and investment flows.
Tinubu and British Prime Minister Keir Starmer signed the deal at 10 Downing Street, which modernises Apapa and Tin Can Island ports in Lagos.
The president described the agreement as a major milestone in strengthening bilateral trade ties and unlocking critical infrastructure needed to boost Nigeria’s economic competitiveness and maritime capacity.
“This visit is significant in strengthening bilateral relations,” he said.
He stressed the need to consolidate decades of institutional cooperation, noting that both countries must prioritise trade expansion, investment flows, and sustainable economic partnerships in a rapidly changing global environment.
“We value the institutional development we’ve enjoyed over the years,” Tinubu said.
The president said discussions with the British government covered trade, economic reforms, climate change, security challenges, and broader global issues affecting both countries and their citizens.
“Nigeria is undergoing strong economic reforms, to be discussed further in our bilateral talks.”
“The challenges facing the world equally affect Nigeria; coordinated global responses are needed,” the president added.
“My reaction is the economy and the welfare of the people, and how we should work together to improve the livelihood of our people,” Tinubu said.
Starmer called Tinubu’s visit historic, underscoring both countries’ shared commitment.
He said the banquet hosted by King Charles III symbolised diplomatic ties and respect.
Starmer reaffirmed the United Kingdom’s appreciation of strong people-to-people connections, noting that Nigerians continued to make meaningful contributions across British society and the economy.
He noted existing collaboration in trade, defence, and security, adding that these agreements deepen engagement and expand opportunities.
Later at Lancaster House, Tinubu and his wife, Sen. Oluremi Tinubu, witnessed the formal signing of the £746 million agreement for the modernisation of the ports.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, signed for Nigeria, while UK Minister Blair McDougall signed for the British government.
Edun said the agreement aligned with Nigeria’s priorities on infrastructure development, energy transition, and industrial growth under the administration’s Renewed Hope Agenda.
He noted that stronger bilateral partnerships would help mobilise the scale of investment required to stimulate economic activity, generate employment, and reduce poverty across the country.
According to him, the agreement reflects growing confidence and mutual trust between Nigeria and the UK, with both sides committed to delivering measurable economic outcomes.
He added that modernising the Apapa and Tin Can Island ports would enhance efficiency, improve logistics, and position Nigeria as a competitive hub for regional and international trade.
