President Bola Tinubu held a high-level meeting with British Prime Minister Keir Starmer in London today.
Both leaders witnessed the signing of a major £746 million infrastructure agreement between Nigeria and the United Kingdom.
The deal focuses on modernizing and expanding two of Nigeria’s busiest seaports Lagos Port Complex and Tin Can Island Port.
The funds will finance extensive refurbishment, new cargo-handling equipment, deeper berths, improved road access, and digital systems that will increase capacity and cut turnaround times for vessels.
UK Export Finance and private British investors are providing the financing package, while the Nigerian Ports Authority (NPA) and private terminal operators will implement the project.
Officials say the upgraded facilities should boost annual throughput by at least 40%, attract more container lines, create thousands of direct and indirect jobs, and strengthen Nigeria’s position as West Africa’s leading maritime gateway.
During the ceremony, President Tinubu described the partnership as “a new chapter in Nigeria-UK relations” and emphasized that efficient ports are essential for lowering the cost of imports and exports, fighting inflation, and supporting the manufacturing sector.
Prime Minister Starmer called the agreement “a win-win for both nations” and highlighted the UK’s commitment to long-term investment in African infrastructure.
The signing comes at a time when Nigeria is aggressively pursuing port reforms to reduce reliance on road transport, decongest Apapa roads, and compete more effectively with neighboring ports in Ghana, Togo, and Côte d’Ivoire.
Many analysts view the deal as one of the most significant foreign direct investments in Nigeria’s maritime sector in recent years.
If executed on schedule, the upgraded Lagos and Tin Can Island ports could start delivering measurable improvements to trade efficiency within 18–24 months.
For ordinary Nigerians the ultimate benefit should be cheaper goods on supermarket shelves and stronger export opportunities for local manufacturers.
The government hopes the project will also help narrow the infrastructure funding gap and demonstrate that large-scale PPPs can deliver tangible results.