Nigeria has inked a major economic partnership agreement with the United Kingdom. The two nations signed several landmark agreements covering fintech, infrastructure, and industrial growth.
Minister of Industry, Trade and Investment, Jumoke Oduwole, shared these achievements following high-level engagements in London.
A primary result of these talks is a new memorandum of understanding. This deal unlocks £746 million in UK Export Finance to modernize the Apapa and Tin Can Island ports in Lagos.
It will be recalled that Nigeria secured the promise during President Bola Tinubu’s recent state visit to the United Kingdom.
Citibank and British Steel are supporting the project to upgrade Nigeria’s aging maritime gateways.
Tech Review Africa reported that the project aligns with national priorities in energy and industrial development.
Oduwole described the partnership as a “defining chapter” for the trade corridor between both countries.
Fintech Expansion And Digital Literacy Initiatives Launched
The agreements also include the regulatory expansion of Wise into the Nigerian fintech sector.
This allows the global payment firm to offer more services to local users and businesses.
Furthermore, the Lagos State Government launched a new digital literacy initiative as part of this international cooperation.
“These partnerships will drive sustainable economic growth and enhance trade facilitation,” Oduwole stated.
The Minister noted that the deals would strengthen the industrial and digital sectors across the federation.
Another key part of the engagement involves the Nigeria Sovereign Investment Authority (NSIA).
The NSIA is partnering with Asset Green to scale the dairy value chain within the country.
This effort targets the local production of milk and other dairy products to reduce imports.
Port Modernization To Boost National Trade Capacity
The £746 million funding will focus on technology and structural upgrades at the Lagos ports.
Officials alleged that these improvements will reduce the time it takes to clear goods. This efficiency is expected to lower the cost of doing business for Nigerian importers and exporters.
The modernization project also includes the use of British Steel for critical infrastructure needs.
This ensures that the ports can handle larger vessels and more cargo in the coming years. Investors believe these upgrades will make Nigeria a more competitive trade hub in West Africa.
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