…as President Tinubu concludes State visit
In a landmark move to overhaul Nigeria’s maritime infrastructure, the Federal Government has signed a £747 million agreement with the United Kingdom to refurbish and modernize the Apapa and Tin Can Island ports in Lagos.
The deal, finalized at Lancaster House on Thursday, serves as the centerpiece of President Bola Tinubu’s historic state visit, the first by a Nigerian leader to the United Kingdom in 37 years.
The agreement was formally executed by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the UK Parliamentary Under-Secretary of State for Small Business and Economic Transformation, Blair McDougall.
President Tinubu and First Lady Senator Oluremi Tinubu witnessed the signing, which officials say will attract the scale of investment necessary to stimulate economic activity, create thousands of jobs, and significantly reduce poverty in alignment with the Renewed Hope agenda.
Commenting, Wale Edun emphasized that the modernization of these critical Lagos gateways is a priority for the administration’s infrastructure and industrial development strategy.
He noted that the partnership reflects a growing mutual trust between the two nations and a shared determination to deliver tangible economic outcomes that enhance the efficiency of Nigeria’s trade corridors.
Earlier in the day, President Tinubu held high-level bilateral talks with British Prime Minister Sir Keir Starmer at 10 Downing Street.
During the meeting, the President described his visit as thrilling and significant, noting that Nigeria is currently navigating a period of profound economic reform.
He acknowledged that while the global economy is currently facing significant headwinds, the primary focus of his administration remains the welfare of the Nigerian people and the improvement of their livelihoods through international cooperation.
“We cannot forget the institutional development we have enjoyed over the years,” President Tinubu remarked at Downing Street, adding that his discussions with the Prime Minister covered a broad spectrum of critical issues including climate change, counter-terrorism, and trade expansion.
The Prime Minister characterized the visit as historic, specifically highlighting the significance of the State Banquet hosted by King Charles III in honor of the Nigerian delegation.
He reaffirmed the United Kingdom’s appreciation for its enduring relationship with Nigeria, particularly the vibrant people-to-people connections that bind the two societies.
The Prime Minister noted that the newly reached agreements on exports and business exchanges are a testament to a shared resolve to deepen engagement on global security and economic stability.
The Port modernization project is expected to involve extensive infrastructural upgrades and the integration of advanced technology to streamline operations at Nigeria’s busiest maritime hubs.
According to the Presidency, this partnership underscores a new era of diplomatic and economic synergy between Abuja and London, positioning Nigeria to better navigate the complexities of the modern global market.