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Nigeria, UK seal £746m ports deal as Tinubu pushes deeper trade ties - THE NATION
…calls for stronger economic cooperation amid global challenges
… As Starmer hails historic visit, affirms commitment to broaden partnership
President Bola Ahmed Tinubu on Thursday declared that Nigeria and the United Kingdom must strengthen trade and economic relations, as both countries sealed a £746 million agreement to refurbish two major ports in Lagos.
Tinubu made the call during a bilateral meeting with British Prime Minister Sir Keir Starmer at Downing Street, London, where discussions centred on expanding economic cooperation and addressing shared global challenges.
The President described his state visit—the first by a Nigerian leader to the United Kingdom in 37 years—as “very thrilling and significant,” noting that it provides a fresh platform to deepen longstanding bilateral relations.
“We cannot forget the institutional development we have enjoyed over the years,” Tinubu said ahead of the talks, emphasising the historical ties between both nations.
According to a statement issued by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, the President stressed the need to build on that foundation by nurturing trade agreements and fostering stronger economic collaboration that would deliver mutual benefits.
Tinubu disclosed that the bilateral discussions would cover a broad range of issues, including trade, the economy, climate change, terrorism, and wider global developments.
Highlighting Nigeria’s ongoing economic reforms, the President said the country is undergoing a period of significant transformation aimed at stabilising growth and improving the welfare of citizens.
“Nigeria is currently going through strong reforms of its economy, and we will discuss that further in our bilateral discussions,” he said.
He acknowledged that both Nigeria and the global economy are facing mounting pressures, stressing that the challenges are not unique to any one country.
“Currently, the entire world is challenged. Nigeria is not immune to what is happening around the world. I have seen your reactions on television on certain developments,” Tinubu stated.
He reiterated that the ultimate goal of economic cooperation must be to improve the lives of citizens, calling for joint efforts to address economic volatility.
“My reaction, as you rightly said, is the economy and the welfare of the people, and how we should work together to improve the livelihood of our people,” he added.
In his remarks, Prime Minister Starmer described Tinubu’s visit as historic, pointing to the State Banquet hosted by King Charles III in honour of the Nigerian delegation as a symbol of the enduring ties between both nations.
He reaffirmed the United Kingdom’s appreciation of its longstanding relationship with Nigeria, particularly the strong people-to-people connections that continue to enrich both societies.
Starmer noted that the two countries already collaborate closely in key sectors such as the economy, defence, and security, adding that the new agreements on exports and business exchanges reflect a shared determination to deepen cooperation and expand engagement on global issues.
A major highlight of the visit was the signing of the £746 million agreement at Lancaster House for the modernisation of infrastructure at the Apapa and Tin Can Island ports in Lagos.
President Tinubu, accompanied by the First Lady, Senator Oluremi Tinubu, witnessed the signing ceremony.
The agreement was signed on behalf of Nigeria by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while the Parliamentary Under-Secretary of State and UK Minister for Small Business and Economic Transformation, Mr Blair McDougall, signed for the British government.
Edun explained that the agreement aligns with Nigeria’s priority focus on infrastructure, energy, and industrial development under the administration’s Renewed Hope Agenda.
He noted that increased emphasis on bilateral partnerships would attract the scale of investment required to stimulate economic activity, create jobs, and reduce poverty.
According to him, the agreement underscores growing confidence and mutual trust between Nigeria and the United Kingdom, as well as a shared commitment to delivering tangible economic outcomes for both countries.
