United Kingdom (UK) and Nigeria announced a 746 million Pound ($990.32 million) export finance deal this Thursday to fund the redevelopment of two of Nigeria’s main trading ports. UK Export Finance will guarantee the investment in the refurbishment of the Lagos Port Complex and the TinCan Island Port Complex. The loan will be co-ordinated and arranged by Citibank.
The deal is expected to result in 236 million Pounds ($300 million) of supplier contracts for British firms.
Benefits include a 70 million Pound contract ($89 million) 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.
Deal comes during Nigerian President Bola Tinubu’s state visit to Britain.
–Reuters–
