The Latest £746 million Loan By The Nigerian Government Everyone is Talking About

Yesterday, Nigeria and the United Kingdom sealed a deal of £746 million ($990.09 million) export finance deal to support the redevelopment of two major ports in Lagos. The agreement was announced during a meeting between Prime Minister Keir Starmer and President Bola Tinubu at Downing Street, London. With this deal, the UK Export Finance will sign off the loans for the refurbishment of the Apapa and Tin Can Island port complexes.

Information gotten by The Cable news shows that the financing arrangement will be coordinated by Citibank. Another part of the agreement is that British steel will supply 120,000 tonnes of steel for the port project under a contract worth £70 million. British companies on the other hand, is expected to generate approximately £236 million as the deal entails that 20% of project components must be sourced from the UK.

Further details of the deal will be released later but for now, we are to remain hopeful for the best!