The governments of the United Kingdom and Nigeria on Thursday announced a 746 million pound ($990.32 million) export finance agreement to support the refurbishment of two of Nigeria’s key trading ports.
Under the arrangement, UK Export Finance will guarantee the investment for the redevelopment of the Lagos Port Complex and the Tin Can Island Port Complex. The loan will be coordinated and arranged by Citibank, according to Reuters.
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The deal is expected to generate 236 million pounds worth of supplier contracts for British companies.
Among the key benefits is a 70 million pound contract awarded to British Steel, which the government described as a significant boost to Britain’s steelmaking industry, announced on the same day as a new strategy aimed at supporting the struggling sector.
The agreement was reached during the state visit of Bola Tinubu to the United Kingdom.
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Image Credit: The Guardian
