President Bola Ahmed Tinubu has overseen the signing of a £746 million financing agreement in London between Nigeria’s Ministry of Finance, led by Wale Edun, and Citibank, aimed at upgrading key port infrastructure in Lagos.
The agreement targets the rehabilitation and expansion of the Apapa Port Complex and Tin Can Island Port, both vital to Nigeria’s maritime trade and logistics operations.
Authorities say the project is expected to reduce congestion, improve efficiency, and significantly enhance the country’s overall trade capacity.
The £746 million package will fund the upgrading of port infrastructure, including modern cargo handling systems, improved storage facilities, and enhanced navigation equipment.
These developments are expected to reduce bottlenecks and accelerate the movement of goods, which is crucial for Nigeria’s position as a regional trade hub.
President Tinubu described the agreement as a “strategic milestone” in Nigeria’s efforts to attract foreign investment and modernise critical infrastructure.
The signing took place on the sidelines of the two-day state visit by President Tinubu to the United Kingdom.
The President and First Lady Oluremi Tinubu arrived in London on Tuesday, where they received ceremonial military honours, including gun salutes.
On Wednesday, the couple were hosted by King Charles III at Windsor Castle, which included a state banquet in their honour.
The visit also featured meetings with Prime Minister Keir Starmer to discuss bilateral trade, investment, and cultural cooperation.
President Tinubu was accompanied by top government officials, including key ministers and senior security chiefs, underscoring the importance of the agreements signed during the visit.
The delegation’s presence highlights the Nigerian government’s commitment to deepening partnerships with international investors and ensuring that critical infrastructure projects are effectively implemented.
The financing deal with Citi Bank represents one of the largest UK-backed investments in Nigeria’s port sector to date and is expected to deliver long-term benefits for commerce, job creation, and economic growth in Lagos and across the nation.
