UK and Nigeria Announce £746 Million Export Finance Deal to Revitalise Lagos Ports

UK and Nigeria Announce £746 Million Export Finance Deal to Revitalise Lagos Ports

Britain and Nigeria announced a 746 million pound ($990.32 ​million) export finance deal ‌on Thursday to fund the redevelopment of two of Nigeria’s main ​trading ports.

UK Export ​Finance will guarantee the investment in ⁠the refurbishment of the ​Lagos Port Complex and the ​TinCan Island Port Complex.
– The loan will be coordinated and arranged by ​Citibank.
– The deal is expected ​to result in 236 million pounds ‌of ⁠supplier contracts for British firms.
– Benefits include a 70 million pound contract for British Steel, ​described by ​the ⁠government as a major boost to Britain’s steelmaking ​industry on the day ​it ⁠announced a new strategy to help the struggling sector.
– Deal comes ⁠during ​Nigerian President Bola ​Tinubu’s state visit to Britain.
REUTERS