UK and Nigeria agree billion-dollar export finance deal to refurbish ports

LONDON, March 19 (Reuters) - ​Britain ⁠and Nigeria announced a ​746 million pound ($990.32 million) export finance deal ​on ‌Thursday to fund the redevelopment ⁠of two of Nigeria's main ⁠trading ports.

- ​UK Export Finance will guarantee the investment in the refurbishment of the ​Lagos ‌Port Complex and the TinCan Island Port Complex.

- The loan will be coordinated ​and arranged by Citibank.

- The ‌deal is expected to result in 236 million ‌pounds of supplier contracts for British firms.

- Benefits include a 70 million ​pound contract for British Steel, described by ‌the government as a major boost to Britain's steelmaking industry on ⁠the ⁠day it announced a ‌new strategy to help the struggling sector.

- ​Deal ​comes during Nigerian ‌President Bola Tinubu's state visit to Britain. ($1 = 0.7533 pounds) (Reporting by William James;Editing by Elaine Hardcastle)