President Bola Ahmed Tinubu attended the signing of a £746 million financing agreement in London between Nigeria’s Ministry of Finance, led by Wale Edun, and Citibank.
The deal, signed in the United Kingdom on Thursday, March 19, is aimed at modernising the Apapa and Tin Can Island ports in Lagos.
It is expected to ease congestion, improve operational efficiency, and strengthen Nigeria’s overall trade capacity.
Both ports are among the country’s most vital infrastructure, forming the backbone of its maritime trade and logistics network. The Lagos Port Complex, widely known as Apapa Port, serves as a major gateway for imports and exports, handling a large volume of cargo entering the country.
Similarly, the Tin Can Island Port Complex operates as a key supporting facility within the Apapa corridor, boosting cargo throughput and reducing pressure on the main port.
Together, the ports play a crucial role in economic activities in Lagos, Nigeria’s commercial hub, facilitating trade, customs operations, and government revenue generation.
The agreement was finalised during President Tinubu’s two-day official visit to the UK.
Tinubu and the First Lady, Oluremi Tinubu, who arrived on Tuesday, were welcomed with ceremonial military honours, including gun salutes.
They were later received by King Charles III, who hosted a state banquet in their honour on Wednesday evening.
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