Nigeria, Britain sign £746m export finance agreements

…UK’s meeting is strategic, forward looking – Tinubu

Nigeria and Britain, on Thursday, signed Memorandum of Understanding (MoU) for the £746 million export financing and rehabilitation of Lagos Ports complex.

The agreement was part of the high point of the high-level engagement between President Bola Tinubu and Prime Minister Keir Starmer of the United Kingdom on the second day of Tinubu’s strategic working visit to the United Kingdom (UK).

Both leaders also agreed to deepen political, economic, and security cooperation between both nations.

The British Prime Minister had received President Tinubu at the back door of No. 10 Downing Street, London which serves at the Office of the Prime Minister.

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Speaking at the meeting, President Tinubu described the engagement as “significant and forward-looking.”

This is just as the President emphasised the need to expand trade agreements to strengthen economic relations between both countries, noting that Nigeria is currently undergoing far-reaching economic reforms.

“We need a lot of the trade agreements to make more economic relationships that will build up to nations. Nigeria is currently going through a very strong reform of the economy. And other than before that, we discussed that for the bilateral discussions.

President Tinubu while acknowledging the challenges confronting both Nigeria and the global economy, described current pressures as “widespread and not unique to the country.”

President Tinubu highlighted the importance of collaborative efforts to improve the welfare and livelihoods of citizens, emphasising that Nigeria remains committed to working with partners to address emerging economic realities.

“What we are facing is not a small challenge. Currently, the entire World is challenged. And Nigeria is not immune, so it brings in something new.

“So, my question is as you rightly say, to the economy and the welfare of the people, and how do you work together
to improve the livelihood of the people?

“We can not forget the institutional development we have enjoyed over the years,” the Nigerian leader said at Downing Street ahead of bilateral talks”, he noted.

The discussions covered trade, the economy, climate change, terrorism, and wider global challenges.

“Nigeria is currently going through strong reforms of its economy, and we will discuss that further in our bilateral discussions.

“Currently, the entire world is challenged. Nigeria is not immune to what is happening around the world. I have seen your reactions on television on certain developments”, PresidentTinubu added.

He also pointed to the threat of terrorism across Africa, linking it to the broader impacts of climate change and evolving socio-economic pressures.

He stressed that the challenges, affecting both Nigeria and the continent, require collective action and strengthened international cooperation.

Prime Minister Starmer, in his remarks, described the visit as historic and highlighted the significance of the State Banquet hosted by the King in honour of the Nigerian delegation.

He reaffirmed the United Kingdom’s appreciation of its enduring relationship with Nigeria, particularly the vibrant people-to-people connections that continue to strengthen both societies.

He noted that both countries already maintain strong collaboration in areas such as the economy, defence, and security, and said the newly reached agreements on exports and business exchanges reflect a shared determination to deepen cooperation and broaden engagement on global issues.

Later, at Lancaster House, President Bola Tinubu, together with his wife, Oluremi Tinubu, witnessed the £746 million agreement for the modernisation of the infrastructure at the Apapa and Tin Can Island Ports in Lagos.

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The agreement was signed on behalf of Nigeria by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, and the Parliamentary Under-Secretary of State and Blair McDougall MP, UK Minister for Small Business and Economic Transformation, on behalf of the British Government.

Edun explained that the agreements are consistent with Nigeria’s priority on infrastructure, energy, and industrial development.

He noted that the increasing emphasis on bilateral partnerships would help attract the scale of investment required to boost economic activity, create jobs, and reduce poverty, in line with the administration’s Renewed Hope Agenda.

He said the agreements underscore growing confidence and mutual trust between both countries, as well as a shared commitment to deliver tangible economic outcomes for Nigeria and the United Kingdom.