As a result of Nigerian President Bola Tinubu ‘s state visit to Britain, the two countries announced an export finance agreement on Thursday to renovate Nigeria’s TinCan Island Port Complex and the Lagos Port Complex.
The renovation of the two Nigerian primary commercial ports is worth 746 million pounds ($990.32 million) and their financing would be guaranteed by UK Export Finance.
It is predicted that the agreement will result in supplier contracts worth 236 million pounds for British companies.
In what the British government characterized as a significant boost to the country’s steelmaking industry on the day it unveiled a new plan to assist the faltering sector, the benefits of this agreement would include a 70-million-pound contract for British Steel.
Citibank will be responsible for organising and coordinating the loan.
By: Andrews Kwesi Yeboah