President Bola Tinubu has overseen the signing of a £746 million financing agreement in the United Kingdom aimed at modernising key port infrastructure in Lagos.
The agreement was signed in London between Nigeria’s Ministry of Finance, led by Wale Edun, and Citibank.
The deal focuses on the rehabilitation and upgrade of the Apapa Port Complex and Tin Can Island Port, two of Nigeria’s busiest and most strategic maritime hubs.
According to officials, the financing arrangement is expected to ease congestion, improve operational efficiency, and significantly boost Nigeria’s trade capacity.
The development forms part of broader efforts by the administration to strengthen economic infrastructure and enhance the country’s competitiveness in global trade.
Tinubu witnessed the signing on the sidelines of his ongoing state visit to the UK, where he has been engaging in high-level diplomatic and economic discussions.
The President, alongside First Lady Oluremi Tinubu, arrived in London earlier in the week and was received with ceremonial honours by King Charles III.
The visit has also featured bilateral meetings and a state banquet hosted at Windsor Castle, highlighting the deepening relationship between Nigeria and the United Kingdom.
The port modernisation project is expected to play a critical role in addressing long-standing logistical challenges at Lagos ports, particularly delays and congestion that have affected trade flow and business operations.
Economic analysts say the successful implementation of the project could improve Nigeria’s import and export efficiency while attracting more foreign investment into the maritime sector.
The agreement marks another milestone in Nigeria-UK economic cooperation, with both countries exploring opportunities to expand trade, investment, and infrastructure development.
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