Mayer Brown has advised Citibank (“Citi”) and UK Export Finance (“UKEF”) on a £746 million (around $1 billion) export finance covered facility to fund the redevelopment of two of Nigeria’s major trading ports.
The financing will support the refurbishment of the Lagos Port Complex (Apapa Quays) and the TinCan Island Port Complex, both located in Lagos. The deal is structured through UKEF’s Buyer Credit Facility, coordinated and arranged by Citi, with UKEF providing a guarantee for the investment. The agreement has been entered into between UKEF, the Nigerian Ports Authority and the Federal Ministry of Finance of Nigeria, and is expected to generate at least £236 million of supplier contracts for British companies, including a record-breaking £70 million contract for British Steel representing British Steel’s largest export order backed by UKEF.
