President Bola Tinubu said on Thursday that Nigeria and the United Kingdom would deepen economic cooperation following the signing of a £746 million agreement to refurbish two major Lagos ports.

The deal, signed during Mr Tinubu’s meeting with British Prime Minister Keir Starmer at 10 Downing Street, covers the modernisation of Apapa and Tin Can Island ports in Lagos.

The president described the agreement as a major milestone in strengthening bilateral trade ties and unlocking critical infrastructure needed to boost Nigeria’s economic competitiveness and maritime capacity.

“This visit has been very thrilling and significant in strengthening bilateral relations between our two nations,” he said.

He stressed the need to consolidate decades of institutional cooperation, noting that both countries must prioritise trade expansion, investment flows, and sustainable economic partnerships in a rapidly changing global environment.

“We cannot forget the institutional development we have enjoyed over the years,” Mr Tinubu said, highlighting the enduring legacy of Nigeria-UK relations.

The president said discussions with the British government covered trade, economic reforms, climate change, security challenges, and broader global issues affecting both countries and their citizens.

“Nigeria is currently going through strong reforms of its economy, and we will discuss that further in our bilateral discussions.

“Currently, the entire world is challenged. Nigeria is not immune to what is happening around the world,” the president added, noting the need for coordinated global responses.

“My reaction is the economy and the welfare of the people and how we should work together to improve the livelihood of our people,” Mr Tinubu said.

In his remarks, Mr Starmer described Mr Tinubu’s visit as historic, noting that it underscored the depth of relations between both countries and their shared commitment to future cooperation.

He highlighted the significance of the State Banquet hosted by King Charles III, describing it as a symbol of enduring diplomatic ties and mutual respect.

Mr Starmer reaffirmed the United Kingdom’s appreciation of strong people-to-people connections, noting that Nigerians continued to make meaningful contributions across British society and the economy.

According to him, both countries already collaborate in key areas, including trade, defence, and security, adding that the new agreements would further deepen engagement and expand economic opportunities.

Later, at Lancaster House, Mr Tinubu and his wife, Lancaster House, witnessed the formal signing of the £746 million agreement for the ports’ modernisation.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, signed on behalf of Nigeria, while UK Minister Blair McDougall represented the British government.

Mr Edun said the agreement aligned with Nigeria’s priorities on infrastructure development, energy transition, and industrial growth under the administration’s Renewed Hope Agenda.

He noted that stronger bilateral partnerships would help mobilise the scale of investment required to stimulate economic activity, generate employment, and reduce poverty across the country.

According to him, the agreement reflects growing confidence and mutual trust between Nigeria and the UK, with both sides committed to delivering measurable economic outcomes.

He added that modernising the Apapa and Tin Can Island ports would enhance efficiency, improve logistics, and position Nigeria as a competitive hub for regional and international trade. 

(NAN)