Finance
UK and Nigeria Agree Billion-Dollar Export Finance Deal to Refurbish Ports
Published by Global Banking & Finance Review®
Posted on March 19, 2026
1 min readLast updated: March 19, 2026
Quick Summary
The UK and Nigeria have agreed a £746 million ($990 million) export finance deal, backed by UK Export Finance and coordinated by Citibank, to upgrade Lagos Port Complex and TinCan Island Port Complex, securing £236 million in supplier contracts for British firms, including a £70 million boost for Br
UK and Nigeria Announce $990 Million Export Finance Deal for Port Redevelopment
Major Export Finance Agreement Details
LONDON, March 19 (Reuters) - Britain and Nigeria announced a 746 million pound ($990.32 million) export finance deal on Thursday to fund the redevelopment of two of Nigeria's main trading ports.
Key Components of the Finance Deal
UK Export Finance Involvement
- UK Export Finance will guarantee the investment in the refurbishment of the Lagos Port Complex and the TinCan Island Port Complex.
Loan Coordination
- The loan will be coordinated and arranged by Citibank.
Economic Impact and Benefits
Opportunities for British Firms
- The deal is expected to result in 236 million pounds of supplier contracts for British firms.
Boost for British Steel Industry
- Benefits include a 70 million pound contract for British Steel, described by the government as a major boost to Britain's steelmaking industry on the day it announced a new strategy to help the struggling sector.
Diplomatic Context
- Deal comes during Nigerian President Bola Tinubu's state visit to Britain.
Additional Information
Exchange Rate
($1 = 0.7533 pounds)
Reporting Credits
(Reporting by William James;Editing by Elaine Hardcastle)
Key Takeaways
- •UK Export Finance guarantees £746 m deal to redevelop Nigeria’s Lagos and TinCan Island ports, coordinated by Citibank (LONDON, March 19 2026) (britishsteel.co.uk)
- •Deal expected to generate £236 m in supplier contracts for UK companies, notably a £70 m contract for British Steel—significant support for UK steel industry (reddit.com)
- •The agreement bolsters UK-Nigeria trade ties amid growing trade volumes, with Nigeria being a key market for UK exports and duty-free schemes further enhancing trade potential (assets.publishing.service.gov.uk)
References
Frequently Asked Questions about UK and Nigeria agree billion-dollar export finance deal to refurbish ports
1What is the value of the UK-Nigeria export finance deal?
The export finance deal is worth 746 million pounds, equal to approximately $990.32 million.
2Which Nigerian ports will be refurbished under the deal?
The Lagos Port Complex and the TinCan Island Port Complex will be refurbished.
3Who is guaranteeing and arranging the investment?
UK Export Finance will guarantee the deal and Citibank will coordinate and arrange the loan.
4How does the deal benefit British firms?
The deal is expected to result in 236 million pounds of supplier contracts for British firms, including a 70 million pound contract for British Steel.
5When was the export finance deal announced?
The deal was announced on Thursday, March 19, during Nigerian President Bola Tinubu's state visit to Britain.
