Nigeria and the United Kingdom on Thursday agreed on a deal to refurbish two major ports in Lagos, worth £746 million, when President Bola Tinubu met with the United Kingdom Prime Minister, Sir Keir Starmer, at Downing Street.
The £746m agreement is for the modernisation of the infrastructure at the Apapa and Tin Can Island ports in Lagos.
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 underscored 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.
The President 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 cannot forget the institutional development we have enjoyed over the years,” the Nigerian leader 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,” he said.
He added that currently, the entire world is challenged, and that 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.”
Starmer, in his remarks, 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.