Nigeria and the UK sign mega Lagos port expansion plan aimed at boosting bilateral trade

NIGERIA and the UK have signed a £746m export finance deal to support the redevelopment of the Lagos Apapa and Tin Can Island port complexes as part of a major trade expansion  plan aimed at boosting commerce between both nations.

Yesterday, President Bola Tinubu was a guest at 10 Downing Street, where he met with Prime Minister Kier Starmer on the second day of his state visit to the UK. At the meeting, the two leaders agreed on this bilateral deal aimed at boosting the volume of trade between both countries.

Mr Starmer said: “Today is the opportunity to take that to another level with the agreements that we’ve been able to reach on exports and I think that shows we can go even further than we’ve already gone. The long and shared history between our countries is obvious and much valued, as is the people-to-people contact and engagement that enriches lives here in the United Kingdom."

For his part, President Tinubu said Nigeria is undergoing very strong reforms of the economy and linked terrorism challenges in West Africa to climate-related conflicts. He said the discussions they had focused on the economic welfare of the people and how the governments can work together to improve livelihoods amid economic uncertainty.

President Tinubu added:  “We need more trade agreements and economic relationships that we build between nations. Nigeria is currently going through a very strong reform of the economy.

"At the moment, the largest country in West Africa and on the continent, is challenged by terrorism coming from the conflict of climate change. Currently, the entire world is challenged, Nigeria is not immune, Britain is not immune.”

Mr Starmer added that the bilateral talks would address what Britain can do to accelerate the friendship, partnership and collaboration between both nations. He described the visit as historic, noting it was the first inward state visit by a Nigerian leader in 37 years.

According to the prime minister, both countries already work together on the economy, defence and security and expressed an interest in strengthening the partnership. He added: “Today is the opportunity to take that to another level with the agreements that we’ve been able to reach on exports."

Adegboyega Oyetola, Nigeria's minister of marine and blue economy, said the port redevelopment plan would improve Nigeria’s role in regional trade. He added: “This project will strengthen Nigeria’s position as a leading maritime hub in West and Central Africa.”