Business

£746m Deal Sealed — Keir Starmer, Bola Tinubu Move to Deepen UK–Nigeria Ties

Chioma Ndukwu 5 days ago 2 min read

By:Chioma Madonna Ndukwu

The United Kingdom and Nigeria have taken steps to expand their economic relationship, announcing new export agreements during President Bola Tinubu’s state visit to Britain.

The development was confirmed by UK Prime Minister Keir Starmer after a bilateral meeting with Tinubu at 10 Downing Street.

Both leaders signalled their intention to strengthen cooperation across trade, investment, and other strategic areas.

Starmer said the agreements reached provide an opportunity to build on existing progress, stressing that the partnership between both countries can be expanded further through sustained collaboration.

Tinubu, in his remarks, pointed to ongoing economic reforms in Nigeria, describing them as part of efforts to stabilise and grow the economy.

He also highlighted security concerns in West Africa, linking them to broader climate-related challenges.

According to the President, discussions focused on improving economic conditions for citizens and identifying ways both nations can work together to address global economic pressures.

A key outcome of the visit is a £746m financing arrangement involving UK Export Finance and Nigerian institutions to support the rehabilitation of the Lagos Port Complex in Apapa and Tin Can Island Port.

The Prime Minister described the visit as historic, noting it marks the first inward state visit by a Nigerian leader to the UK in decades.

He also pointed to the long-standing relationship between both countries, strengthened by trade and people-to-people connections.

Trade between the two nations has continued to grow, with Nigeria emerging as the UK’s largest export market in Africa as of early 2026.

At a state banquet hosted by King Charles III at Windsor Castle, the monarch acknowledged the shared history between both countries while praising Nigeria’s progress and the role of its diaspora in the UK.

The visit, which began earlier in the week, is expected to conclude with Tinubu returning to Nigeria.