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The United Kingdom has agreed a $902 million (£746 million) financing package with Nigeria to support the redevelopment of two major ports in Lagos, under a deal involving UK Export Finance (UKEF), the Nigerian Ports Authority (NPA) and Nigeria’s Federal Ministry of Finance.
The financing will fund upgrades at the Lagos Port Complex (Apapa Quays) and the TinCan Island Port Complex.
Citibank, N.A London Branch is acting as the coordinator and arranger for the transaction, which represents one of the largest export credit agency-supported Buyer Credit Facilities in West Africa.
UKEF said the agreement covers about £236 million worth of supplier contracts for British companies as part of the project.
British Steel will supply about 120,000 tonnes of steel billets to contractors Hitech Nigeria and ITB Nigeria under a contract worth around £70 million, supporting approximately 4,000 jobs in the UK supply chain, according to the announcement.
Alongside the financing agreement, the UK and Nigeria also signed a memorandum of understanding (MOU) establishing a framework for future cooperation on infrastructure projects.
The MOU outlines Nigeria’s priority project pipeline that may seek UKEF financing and support, with the UK set to benefit directly through substantial supply chain participation.
(Writing by SA Kader; Editing by Anoop Menon)
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