Nigeria, UK Sign Port Finance and Migration Pacts

During President Bola Tinubu's state visit to the United Kingdom last week, Nigeria and the UK signed several agreements aimed at bolstering bilateral ties, including a £746 million financing package for port upgrades in Lagos and a migration partnership to streamline returns of nationals without legal status. The pacts, announced at a meeting between Tinubu and Prime Minister Keir Starmer in London, also cover cooperation on organized immigration crime, border security, and expanded business visas for UK firms in Nigeria.

The centerpiece of the economic agreements is the export finance deal facilitated by UK Export Finance, the UK's export credit agency. It provides guarantees for loans to redevelop the Apapa and Tin Can Island port complexes, two of Nigeria's busiest maritime hubs handling much of the country's trade. Citibank's London branch arranged the transaction, described by UK officials as one of the largest such facilities in West Africa. Under the terms, approximately £236 million in supplier contracts will go to British companies, including a £70 million order for 120,000 tonnes of steel billets from British Steel to contractors Hitech Nigeria and ITB Nigeria. The...