President Bola Ahmed Tinubu has held high-level bilateral talks with United Kingdom Prime Minister Keir Starmer on Thursday, sealing a £746 million financing agreement with UK Export Finance to support critical development initiatives across Nigeria.
The discussions were aimed at strengthening Nigeria–UK relations and deepening economic cooperation between the two countries.
Speaking at 10 Downing Street in London, President Tinubu described the engagement as “significant and forward-looking.”
He emphasised the need to expand trade agreements to strengthen economic relations between both countries, noting that “Nigeria is currently undergoing far-reaching economic reforms.”
President Tinubu said; “We need a lot of the trade agreements to make more economic relationships that will build up to nations. Nigeria is currently going through a very strong reform of the economy.”
He acknowledged the challenges confronting both Nigeria and the global economy, he noted that current pressures are widespread and not unique to the country.
President Tinubu also highlighted the importance of collaborative efforts to improve the welfare and livelihoods of citizens, emphasising that Nigeria remains committed to working with partners to address emerging economic realities.
“What we are facing is not a small challenge. Currently, the entire world is challenged. And Nigeria is not immune, so it brings in something new.
“So, my question is as you rightly say, to the economy and the welfare of the people, and how do you work together
to improve the livelihood of the people?” he said.
President Tinubu also pointed to the threat of terrorism across Africa, linking it to the broader impacts of climate change and evolving socio-economic pressures.
He stressed that these challenges, affecting both Nigeria and the continent, require collective action and strengthened international cooperation.
The bilateral meeting ended with both leaders expressing optimism about expanding bilateral ties, particularly in trade, security, and sustainable development.
A major highlight of President Tinubu’s visit to the United Kingdom is the signing of a £746 million financing agreement involving UK Export Finance, the Nigerian Ports Authority, and the Federal Ministry of Finance.
The deal is aimed at advancing Nigeria’s drive to modernise critical transport and trade infrastructure, with funding earmarked for the rehabilitation of key maritime facilities, including the Lagos Port Complex (Apapa Quays) and the Tin Can Island Port Complex.