London– 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.
The deal was announced during the state visit of the President of the Federal Republic of Nigeria, Mr. BolaAhmed Tinubu to the United Kingdom and represents a significant milestone in the UK–Nigeria Strategic Partnership.
The Mayer Brown team advising Citi and UKEF was led by partner Ash McDermott and supported by partner Sarah Garvey, senior associate Salvador Mazza, associate Victoria Dyer and trainee Kemi Omoshebi.
Mayer Brown was supported by Aluko & Oyebode on Nigerian law aspects of the deal.