In a significant step toward deepening bilateral ties, UK Prime Minister Sir Keir Starmer has hailed a new wave of export agreements between the United Kingdom and Nigeria, valued collectively at approximately N1.4 trillion, as a catalyst for elevating their longstanding economic partnership to new heights.
The announcement came during high-level bilateral talks at 10 Downing Street on Thursday, March 19, 2026, on the second day of Nigerian President Bola Ahmed Tinubu's historic state visit to the United Kingdom the first by a Nigerian leader in 37 years. President Tinubu was warmly received by Prime Minister Starmer, following a state banquet hosted by His Majesty King Charles III at Windsor Castle.
Prime Minister Starmer emphasized the momentum of the partnership, stating: “We have a lot of work that we already do on the economy, on defence and security, but 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 fresh deals encompass a broad package of export commitments and investment initiatives aimed at boosting trade, infrastructure development, and mutual economic growth.
A centerpiece of the announcements is a major £746 million (approximately N1.4 trillion at current exchange rates) financing agreement facilitated by UK Export Finance (UKEF), in collaboration with the Nigerian Ports Authority (NPA), the Federal Ministry of Finance, and partners including Citibank.
This landmark financing will support the comprehensive refurbishment and modernization of two key Lagos port complexes: the Apapa (Lagos Port Complex) and Tin Can Island Port.
The project is expected to enhance Nigeria's maritime infrastructure, increase trade capacity, improve regional logistics, and generate substantial opportunities for British firms in construction, steel supply, and related sectors.
Additional highlights include a record steel supply contract under which British Steel will provide 120,000 tonnes of steel for the port refurbishments, valued at around £70 million ($90 million), further underscoring the tangible benefits of the alliance.
President Tinubu welcomed the developments, urging both nations to nurture and expand these economic relationships amid global pressures, including climate change and security threats. He highlighted Nigeria's reforms and creative potential as key drivers for sustained partnership.
This strategic UK-Nigeria alliance signals a renewed era of collaboration, fostering sustainable growth, job creation, and prosperity for both nations.