The United Kingdom and Nigeria on Thursday announced an export finance agreement worth £746 million (approximately $990 million) to fund the modernization of two of Nigeria’s main commercial ports, according to multiple independent news sources and official statements.

The funding, guaranteed by UK Export Finance (the UK export credit agency), will support the rehabilitation of the Lagos Port Complex (Apapa) and the TinCan Island Port Complex, two strategic port infrastructures located in Lagos, Nigeria’s major economic and maritime hub.

The deal was signed during Nigerian President Bola Tinubu’s state visit to the United Kingdom, which included bilateral meetings between officials from both countries.

The operation is expected to generate supply contracts valued at approximately £236 million for British companies as part of the modernization works. Among these contracts is a £70 million order for steel supplied to British Steel, seen by the UK government as a boost to the domestic steel industry.

The financing will be coordinated and structured by Citibank London Branch and will include credit guarantees to facilitate Nigeria’s access to this capital.

UK authorities described the agreement as an “important milestone” for trade relations between the two countries. Nigerian officials welcomed the commitment as a major step toward modernizing maritime infrastructure, crucial for facilitating trade and reinforcing the country’s role as a regional commercial hub in West Africa.

The Apapa and TinCan ports together handle a significant share of Nigeria’s imports and exports, which rely heavily on port infrastructure for international trade.

Nigeria is one of Africa’s largest economies, playing a central role in regional trade. The port modernization project aims to reduce logistical costs, ease congestion, and enhance the country’s competitiveness on the international stage.