President Bola Ahmed Tinubu was present in London for
the signing of a £746 million financing agreement between Nigeria’s Ministry of
Finance, led by Wale Edun, and Citibank.
The agreement, signed in the United Kingdom on
Thursday, March 19, is designed to modernise the Apapa Port and Tin Can Island
Port in Lagos.
The project is expected to reduce congestion, enhance
operational efficiency, and boost Nigeria’s trade capacity. Both ports are
critical to the country’s maritime infrastructure, serving as major gateways
for imports and exports.
The Apapa Port, officially known as the Lagos Port
Complex, handles a significant share of cargo entering Nigeria, while Tin Can
Island Port plays a complementary role by supporting cargo throughput and
easing pressure on the main port corridor.
Together, the ports are central to economic activities
in Lagos, facilitating trade, customs operations, and government revenue
generation in Nigeria’s commercial hub.
The deal was concluded during Tinubu’s two-day
official visit to the UK. The President and the First Lady, Oluremi Tinubu,
were received with ceremonial honours upon arrival.
They were later hosted by King Charles III at a state
banquet on Wednesday, marking a key highlight of the visit.
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