Nigeria and the United Kingdom have finalised a £746 million export finance agreement to support the rehabilitation of key port facilities in Lagos.

The deal was reached during a meeting between President Bola Tinubu and UK Prime Minister Keir Starmer at Downing Street in London. It will see UK Export Finance (UKEF) guarantee loans for the upgrade of the Apapa and Tin Can Island port complexes, with Citibank coordinating the financing.

As part of the arrangement, British Steel will supply about 120,000 tonnes of steel valued at £70 million for the project. The agreement is also expected to generate £236 million in contracts for UK suppliers, as at least 20 percent of the project components will be sourced from Britain.

UK Trade Secretary Peter Kyle said the deal would boost British Steel’s operations while supporting jobs and economic growth in the UK.

The Nigerian government described the port redevelopment as a major step toward strengthening the country’s position as a leading maritime hub in West and Central Africa.

Minister of Marine and Blue Economy, Adegboyega Oyetola, said the project would enhance trade capacity and efficiency at the nation’s busiest ports.

Tinubu’s visit to the UK, his first state visit to the country, is also expected to deepen bilateral trade and investment ties, with additional agreements under consideration.