TEMPLARS Advises Nigerian Ports Authority on Landmark US$1 Billion UK Export Finance-Covered Financing for the Western Ports Rehabilitation

The transaction was signed on 19 March 2026 in London during the just concluded state visit of the Nigerian President to the United Kingdom, symbolising the strategic importance of the deal within the broader framework of bilateral cooperation between Nigeria and the United Kingdom.

This is UKEF’s 1st large-scale infrastructure financing in Nigeria in nearly a decade and one of the largest ECA-supported buyer credit facilities in West Africa, underscoring strong international lender confidence in Nigeria’s infrastructure sector. British Steel will supply 120,000 tonnes of steel billets to the project contractors under a £70 million contract, representing the UK manufacturer’s largest export order.

Proceeds of the financing will be used to fund the rehabilitation and modernisation of two of Nigeria’s most critical maritime gateways – the Lagos Port Complex and Tin Can Island Port Complex, and to pay the UKEF premium.

When completed, the project is expected to expand vessel capacity, improve turnaround times, and enhance operational efficiency through digitisation, strengthening Nigeria’s position as a leading maritime hub in West and Central Africa.

The TEMPLARS team on the transaction was led by Partner, Dupe Dabiri with support from Associates, Olaotan Oyekan, Martins Eke, Frances Ehigiamusor, Jumoke Ajide, Ruqayyatu Umar and Nmesoma Obi.

Commenting at the signing in London, TEMPLARS Managing Partner, Oghogho Akpata said “We are pleased to have advised on this strategic project, which sends a powerful signal of the strength of the UK-Nigeria partnership at the highest level. Alongside other ECA-backed financings that we have advised on over the past year, this transaction highlights a clear resurgence of confidence in Nigeria’s economic outlook and public sector financial management. It also heralds the entry of a new and expanding universe of foreign lenders and capital providers into Nigeria’s infrastructure space and broader economy, and I am excited that TEMPLARS is leading the way in steering our clients through these important market developments”.

TEMPLARS Partner, Dupe Dabiri added “The transaction demonstrates the continued evolution of ECA-supported financings as a key tool for delivering complex infrastructure projects in Nigeria, reflecting strong international confidence in Nigeria’s broader economic reform agenda. We are honoured to have acted as sole counsel to NPA – structuring the EPC aspects alongside the contractors and working collaboratively with various government and international stakeholders on the financing aspects – to deliver this transaction which sets a precedent for funding commercially viable infrastructure in the future”.