Britain and Nigeria announced a 746 million pound ($990.32 million) export finance deal on 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 coordinated and arranged by Citibank.
– The deal is expected to result in 236 million pounds of supplier contracts for British firms.
– Benefits include a 70 million pound contract 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.
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