President Bola Ahmed Tinubu of the Federal Republic of Nigeria today held a productive bilateral meeting with British Prime Minister Keir Starmer at 10 Downing Street, marking a significant milestone in Nigeria-UK relations during the President's historic state visit to the United Kingdom.
The meeting, part of a two-day state visit hosted by the Royal Family, focused on deepening economic cooperation, trade, investment, security, and cultural ties between the two nations. Discussions highlighted opportunities to strengthen bilateral partnerships and support Nigeria's economic reform agenda.
A major highlight of the visit was President Tinubu's witnessing of the signing of a landmark £746 million (approximately $990 million) financing agreement between UK Export Finance (UKEF), the Nigerian Ports Authority (NPA), and Nigeria's Federal Ministry of Finance.
This historic deal, the largest upgrade of Nigeria's seaport infrastructure in nearly 50 years, will fund the comprehensive refurbishment and modernization of two of the country's busiest ports: the Lagos Port Complex (Apapa) and the Tin Can Island Port Complex.
These facilities collectively handle over 70% of Nigeria's imports and exports, playing a critical role in the nation's trade and economic gateway to West and Central Africa. The investment is expected to enhance port efficiency, reduce congestion, boost trade volumes, create jobs, and improve Nigeria's competitiveness in global maritime logistics.
President Tinubu commended the partnership, stating: "This agreement represents a new era of strategic economic collaboration between Nigeria and the United Kingdom."
"By modernizing our key ports, we are not only improving infrastructure but also unlocking greater opportunities for investment, growth, and prosperity for our people. I thank Prime Minister Starmer and the UK government for their commitment to this transformative initiative."
Prime Minister Keir Starmer welcomed the deal as a demonstration of the UK's support for Nigeria's development priorities and expressed optimism about expanded future cooperation.
The financing is backed by UK Export Finance, underscoring Britain's role in supporting British exports and international infrastructure projects that deliver mutual benefits.
This agreement builds on record bilateral trade levels and aligns with broader efforts to attract foreign direct investment into Nigeria's blue economy and maritime sector.
President Tinubu's state visit, the first by a Nigerian leader in nearly four decades, also included engagements with the Royal Family, a State Banquet at Windsor Castle, and interactions with the Nigerian diaspora in the UK.