UK and Nigeria Sign $998 Million Agreement for Port Modernization in Lagos

The United Kingdom and Nigeria have signed an agreement worth £746 million (approximately $998 million) for the reconstruction of the Apapa Quays and Tin Can Island port complexes in Lagos, the British government announced.

The document was signed during the state visit of Nigerian President Bola Tinubu to London.

"UK Export Finance guarantees £746 million in investments ... to finance the reconstruction of Nigeria's two largest trading ports — the Lagos Port Complex (Apapa Quays) and the Tin Can Island Port Complex," the statement read.

Additionally, a £70 million (approximately $93 million) contract was awarded to British Steel, which will supply 120,000 tons of steel slabs to construction companies Hitech Nigeria and ITB Nigeria.

In February, Ethiopian Prime Minister Abiy Ahmed and UK Foreign Secretary Yvette Cooper signed an energy sector agreement and a memorandum of understanding on government investment.