UK, Nigeria Seal £746M Export Finance Deal for Port Refurbishment. Lagos, Nigeria — 2026-03-19 Lead Paragraph: The United Kingdom and Nigeria have entered into a substantial £746 million export finance agreement aimed at the redevelopment of Nigeria’s two busiest ports, the Lagos Port Complex and the TinCan Island Port Complex.
The deal, which is a significant step in enhancing Nigeria’s maritime infrastructure, is expected to bolster the country’s export capabilities and contribute to its economic growth.
According to official statements, the agreement is part of the UK’s commitment to supporting sustainable development in Africa.
The Lagos Port Complex, which handles the majority of Nigeria’s cargo traffic, is set to undergo a comprehensive upgrade that includes the expansion of its cargo handling facilities and improvements in port efficiency.
The TinCan Island Port Complex, another major cargo gateway, will also benefit from the investment, which will focus on enhancing its container handling capacity.
The agreement was signed following discussions between Nigerian and UK officials, who emphasized the importance of such infrastructure projects in fostering trade and investment between the two nations. Regional officials confirmed that the project is expected to create thousands of jobs and stimulate economic activity in the surrounding areas.
The investment will also be instrumental in reducing the port congestion that has been a bottleneck for Nigerian exports.
While the specific details of the redevelopment plan have not been disclosed, sources close to the matter said that the project is expected to be completed within the next five years.
The UK’s investment in Nigeria’s ports is seen as a strategic move to strengthen trade ties between the two countries. Further details regarding the project’s implementation and its impact on Nigeria’s economy are expected to be released in the coming weeks.
Source: Africa.
