Nigeria and the United Kingdom have signed a £746 million export finance deal to support the redevelopment of Lagos’ Apapa and Tin Can Island port complexes.
UK Prime Minister Keir Starmer stated this during a bilateral meeting with President Bola Tinubu at 10 Downing Street on the second day of the Nigerian leader’s historic state visit to Britain.
“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,” he stated.
Tinubu, in his remarks, revealed that Nigeria is currently undergoing “very strong reform of the economy” and linked the terrorism challenges facing West Africa to climate change conflict.
“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,” Tinubu said.
The President described Nigeria as facing significant challenges, stating, “The largest country in West Africa, and on the continent, is challenged by terrorism coming from the conflict of climate change.”
Tinubu emphasised that both countries face global economic challenges, noting, “Currently, the entire world is challenged. Nigeria is not immune. Britain is not immune.”
He said the discussions focused on the “economic welfare of the people and how we can work together to improve livelihood” amid economic volatility.
The President affirmed that Thursday’s bilateral discussions would address what Britain can do to “accelerate the friendship, partnership and collaboration” between both nations.
On his part, Starmer described the visit as historic, noting it was the first inward state visit for 37 years by a Nigerian leader.
“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,” he said.
He noted that both countries already collaborate on economy, defence, and security matters but expressed determination to deepen the partnership.
“Today is the opportunity to take that to another level with the agreements that we’ve been able to reach on exports,” he stated.
Speaking before the meeting, Tinubu said discussions with the UK government would focus on “trade, economic cooperation, and shared challenges — including security and climate change.”
The Minister of Marine and Blue Economy, Adegboyega Oyetola, also said the port redevelopment would strengthen Nigeria’s role in regional trade.
He said, “This project will strengthen Nigeria’s position as a leading maritime hub in West and Central Africa.”
PUNCH Online reports that Tinubu’s state visit to the UK began on Wednesday, following an invitation from Their Majesties King Charles III and Queen Camilla at Windsor Castle.
The visit also includes plans to sign a Memorandum of Understanding to deepen trade and investment ties between the two countries.
Tinubu was accompanied by a high-profile delegation, including Senate President Godswill Akpabio; Attorney General and Minister of Justice, Prince Lateef Fagbemi; Minister of Solid Minerals, Dele Alake; Minister of Information and National Orientation, Idris Mohammed; and Minister of State for Foreign Affairs, Ambassador Bianca Ojukwu.
Other members of the delegation include Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; Minister of Culture and Creative Economy, Hannatu Musawa; Minister of Communications and Digital Economy, Bosun Tijani; Minister of Defence, Gen. Christopher Musa; National Security Adviser, Malam Nuhu Ribadu; and Director-General of the National Intelligence Agency, Mohammed Mohammed.
