By Our Correspondent
National News – The governments of Nigeria and the United Kingdom have strengthened their economic ties with a new strategic partnership valued at about N1.4tn, following high-level discussions between President Bola Tinubu and British Prime Minister Keir Starmer in London.
The agreement aims to deepen trade relations, boost investment opportunities, and expand cooperation in critical sectors such as infrastructure, defence, and economic development.
During a bilateral meeting at 10 Downing Street on Thursday, Starmer said the new agreements would elevate the longstanding relationship between both nations and open more export opportunities.
According to him, the partnership demonstrates how both countries can expand economic collaboration beyond existing levels.
President Tinubu, who is on a state visit to the United Kingdom, highlighted ongoing reforms within Nigeria’s economy, stressing that stronger international partnerships are necessary to drive growth and stability.
He noted that Nigeria, like many countries, is navigating global economic pressures while also addressing security challenges in West Africa.
The President linked the region’s security issues partly to climate-related conflicts that have intensified instability in parts of the continent.
He added that the discussions between both governments focused on improving the welfare of citizens and strengthening economic resilience through trade and investment.
Officials from both countries confirmed that Nigeria has recently emerged as the United Kingdom’s largest export market in Africa, reflecting a steady increase in bilateral trade.
The growing economic relationship is expected to create new opportunities for businesses and strengthen diplomatic ties.
A major highlight of the visit is a £746m financing arrangement involving UK Export Finance, Nigeria’s Ministry of Finance, and the Nigerian Ports Authority.
The deal will fund the rehabilitation of key maritime facilities, including the Lagos Port Complex in Apapa and Tin Can Island Port, which are considered vital to Nigeria’s trade infrastructure.
The agreements were part of several memoranda of understanding signed during Tinubu’s visit, covering trade expansion, investment promotion, defence collaboration, and cultural exchange.
The state visit, which began on March 18, also included a royal banquet hosted by King Charles III at Windsor Castle, marking the first official state visit by a Nigerian leader to the United Kingdom in nearly four decades.
