President Bola Ahmed Tinubu has witnessed the signing of a £746 million financing agreement in London between Nigeria’s Ministry of Finance, led by Wale Edun, and Citi Bank.
The agreement signed in the United Kingdom on Thursday is aimed at modernising Apapa and Tin Can Island ports in Lagos.
Tinubu witnessed the signing of the financing agreement in London.
The deal also aims at easing congestion, improving efficiency, and strengthening Nigeria’s trade capacity.
The two ports are among Nigeria’s most critical national infrastructure, forming the backbone of the country’s maritime trade and logistics network.
The Lagos Port Complex, popularly known as Apapa Port, serves as one of the primary gateways for imports and exports in the country, handling a significant share of cargo entering Nigeria.
Alongside it, the Tin Can Island Port Complex operates as a major complementary facility within the Apapa axis, supporting cargo throughput and easing pressure on the main port.
Both ports are central to economic activities in Lagos, Nigeria’s commercial capital, and play a vital role in facilitating trade, customs operations, and revenue generation for the government.
Their importance to national commerce has made them focal points in discussions around infrastructure upgrades and efficiency improvements.
However, the ports have long faced operational challenges that have impacted the ease of doing business and slowed cargo clearance processes.
The latest agreement came on the sidelines of the two-day visit by Tinubu to the UK.
The financing agreement in London was also witnessed by a Nigerian delegation.
The President and his wife, Oluremi, who arrived on Tuesday, were given ceremonial military honours with gun salutes.
They were received by King Charles III, who also organised a state banquet in their honour on Wednesday evening.
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