President Bola Tinubu on Thursday called for deeper trade and economic cooperation between Nigeria and the United Kingdom, as both countries sealed a £746 million agreement to refurbish two major ports in Lagos.

The President made the call during a meeting with UK Prime Minister Keir Starmer at 10 Downing Street, where both leaders reaffirmed their commitment to strengthening bilateral relations.

Describing his state visit as historic, the first by a Nigerian leader to the UK in 37 years, Tinubu said the trip marks a significant step in reinforcing longstanding ties between the two nations.

“We cannot forget the institutional development we have enjoyed over the years,” Tinubu said ahead of bilateral talks, noting that discussions would span trade, economic reforms, climate change, terrorism, and broader global challenges.

He emphasised that Nigeria is currently undergoing major economic reforms and expressed optimism about collaborative efforts to improve citizens’ welfare.

“The entire world is facing challenges, and Nigeria is not immune. My priority remains the economy and the welfare of our people, and how we can work together to improve livelihoods,” he said.

In his remarks, Prime Minister Starmer described the visit as historic and highlighted the significance of the State Banquet hosted by King Charles III in honour of the Nigerian delegation.

He reaffirmed the UK’s appreciation of its enduring relationship with Nigeria, pointing to strong people to people ties and ongoing collaboration in the economy, defence, and security sectors.

Starmer added that new agreements on exports and business exchanges reflect a shared commitment to deepen cooperation and expand engagement on global issues.

At Lancaster House, President Tinubu and First Lady Oluremi Tinubu witnessed the formal signing of the £746 million agreement for the modernisation of infrastructure at the Apapa and Tin Can Island ports in Lagos.

The agreement was signed on behalf of Nigeria by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, while Blair McDougall signed on behalf of the British government.

Edun said the deal aligns with Nigeria’s priorities in infrastructure, energy, and industrial development, noting that stronger bilateral partnerships would attract critical investments needed to stimulate economic growth, create jobs, and reduce poverty.

He added that the agreement reflects growing confidence and mutual trust between both nations, as well as a shared commitment to delivering tangible economic benefits for their citizens.

The governments of United Kingdom and Nigeria have signed a landmark £746 million agreement to modernise two of Nigeria’s major seaports, in a move expected to strengthen bilateral trade and create thousands of skilled jobs in both countries.

The deal, announced on Thursday, March 19, is backed by UK Export Finance (UKEF) and will fund the redevelopment of the Lagos Port Complex and Tin Can Island Port Complex in Lagos.

The financing will be delivered through UKEF’s Buyer Credit Facility, coordinated by Citibank (London branch), with the agreement involving the Nigerian Ports Authority and Nigeria’s Federal Ministry of Finance.

Officials say the project represents one of the largest recent trade and investment partnerships between both countries. At least £236 million of the total value will go to British companies through supply contracts.

A major beneficiary is British Steel, which secured a record £70 million contract to supply 120,000 tonnes of steel billets for the project. The materials will be used by construction firms Hitech Nigeria and ITB Nigeria.

UK Business and Trade Secretary, Peter Kyle, described the agreement as a significant boost for UK manufacturing and a testament to the growing economic ties between both nations.

Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, said the project aligns with the federal government’s strategy to unlock the country’s maritime potential.

He noted that modernising the ports would reduce vessel turnaround time, cut cargo delays, and lower logistics costs for businesses, while improving transparency through automation and digitalisation.

According to him, the upgrades will position Nigeria as a leading maritime hub in West and Central Africa, while boosting revenue generation and easing trade operations.

Alongside the ports agreement, both countries also signed a Memorandum of Understanding (MoU) aimed at deepening long-term cooperation in trade, infrastructure, and investment.

The MoU outlines Nigeria’s priority projects that could receive future UKEF-backed financing, while opening more opportunities for UK companies to participate in Nigeria’s supply chain.

Chief Executive Officer of UKEF, Tim Reid, said the agreement demonstrates the agency’s capacity to support large-scale international projects while driving growth for UK businesses.

Also speaking, Citi’s Global Head of Export and Agency Financing, Richard Hodder, highlighted the bank’s long-standing presence in Nigeria and its role in facilitating the deal.

The agreement signals growing investor confidence in Nigeria’s infrastructure sector and reinforces the country’s commitment to expanding trade partnerships and improving its logistics backbone.

Analysts say the project could mark a turning point in Nigeria’s port efficiency and overall economic competitiveness, while strengthening its position as a key trade gateway in Africa.

Nigeria has taken a major step toward transforming its agricultural sector as the Nigeria Sovereign Investment Authority signed a $496 million Memorandum of Understanding (MoU) with Asset Green Ltd to develop a large-scale integrated dairy production and processing platform.

The agreement, signed in London on the sidelines of President Bola Ahmed Tinubu’s state visit to the United Kingdom, is being described as one of the most ambitious dairy investments in Nigeria’s history.

The project aims to significantly reduce Nigeria’s dependence on imported milk products by establishing a modern dairy system that combines 20,000 hectares of climate-smart crop and forage production with a 10,000-milking cow facility. It will also include a state-of-the-art processing plant capable of producing fresh milk, butter, cream, milk powder, and up to 15,000 metric tonnes of infant formula annually.

Once operational, the initiative is projected to generate over $620 million annually and create about 2,500 direct and 5,000 indirect jobs across the country.

Beyond production, the project is expected to integrate up to 10,000 rural households into its value chain through out-grower schemes, thereby improving livelihoods and strengthening food security nationwide.

Managing Director and CEO of NSIA, Aminu Umar-Sadiq, said the partnership represents a major milestone in building a modern and competitive dairy sector in Nigeria.

“By combining climate-smart farming, advanced processing capacity, and inclusive out-grower participation, we are laying the foundation for a sector that reduces import dependence and delivers long-term value,” he said.

On his part, Director at Asset Green Ltd and CEO of Agrium Capital Ltd, Rod Bassett, described the investment as a transformative opportunity to unlock Nigeria’s agricultural potential.

He noted that the project would deliver critical infrastructure across the dairy value chain, enhance local production, and reduce reliance on imports while improving nutritional outcomes.

Also speaking, British Deputy High Commissioner Jonny Baxter said the deal reflects the long-standing economic cooperation between Nigeria and the United Kingdom.

The agreement forms part of broader engagements during Tinubu’s visit, which include bilateral talks with Keir Starmer aimed at strengthening trade, investment, and strategic partnerships between both countries.

The dairy initiative is expected to play a key role in advancing Nigeria’s food sovereignty while positioning the country as a major player in sustainable agriculture.