Economy

Nigeria, UK Seal £746m Port Redevelopment Deal

Published

7 months ago

March 20, 2026

Q Tinny

Nigeria UK port redevelopment deal worth £746m signed to revamp Apapa and Tin Can Island ports, boosting trade and infrastructure investment

Nigeria and the United Kingdom have signed a £746 million export finance deal to support the redevelopment of two major Lagos ports, Apapa Port and Tin Can Island Port.

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The agreement was finalised during a meeting between Prime Minister Keir Starmer and Bola Tinubu at Downing Street on Thursday.

Under the deal, UK Export Finance will guarantee loans to fund the refurbishment of the port complexes, with Citibank coordinating the financing arrangement.

As part of the agreement, British Steel will supply 120,000 tonnes of steel for the projects under a £70 million contract.

The deal is projected to generate £236 million in supplier contracts for British companies, with at least 20 percent of project components sourced from the UK.

The UK government noted that this steel contract represents the largest export backed by UK Export Finance for British Steel to date.

The agreement was signed on behalf of Nigeria by Wale Edun, and on behalf of the UK by Blair McDougall MP. Wale Edun stated that the deal aligns with Nigeria’s priority on infrastructure, energy, and industrial development and underscores growing confidence and mutual trust between both nations.

Adegboyega Oyetola added that the redevelopment of the ports would strengthen Nigeria’s position as a leading maritime hub in West and Central Africa, enhancing regional trade.

Prime Minister Keir Starmer described the agreement as historic, marking the first deal signed by a West African leader in 37 years.

Bola Tinubu, on the first Nigerian state visit to the UK in nearly four decades, called the visit “thrilling and significant” in deepening bilateral relations, noting discussions on trade, the economy, climate change, and global security challenges.

The visit also includes a memorandum of understanding (MoU) between the Nigeria Sovereign Investment Authority and Asset Green Limited to develop an integrated dairy production platform in Nigeria, further strengthening trade and investment ties.

Also read: Tinubu Praises UK Nigerians in Powerful Windsor Speech

The port redevelopment initiative is expected to boost infrastructure, create jobs, and enhance economic activity, forming a key component of Nigeria’s ‘renewed hope’ agenda for national development.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

1 day ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.