Africa’s richest man, Aliko Dangote, has hailed a major £746 million financing agreement secured during President Bola Tinubu’s recent state visit to the United Kingdom as a clear sign of rising international confidence in Nigeria’s economy.

Speaking to journalists after a courtesy visit to President Tinubu at his Lagos residence on Monday, Dangote described the deal—aimed at modernizing key infrastructure, particularly the Apapa and Tin Can Island ports in Lagos—as a significant breakthrough. The agreement, backed by UK Export Finance, will support the redevelopment of these vital port complexes to enhance efficiency, boost trade, and position Nigeria as a stronger maritime hub in West and Central Africa.

“You can see the agreement that was signed for actually improving our infrastructure, especially in the ports and other areas, which is almost £746 million—that’s quite a lot,” Dangote said. “It’s not that easy getting that kind of money out of the British, but this is to show confidence in Nigeria and other countries will follow suit.”

The industrialist emphasized that the deal, witnessed by President Tinubu during his engagements in London—including meetings with Prime Minister Keir Starmer—highlights the growing willingness of export credit agencies to finance projects in the country. He urged Nigerian investors and businesses to seize these emerging opportunities.

Dangote also linked the development to broader economic diplomacy, noting that President Tinubu’s visit— the first such state visit by a Nigerian leader to the UK in nearly four decades—would “open quite a lot of doors” for increased trade, investment, and partnerships.

However, amid optimism about these gains, Dangote sounded a note of caution on global risks. He warned that escalating tensions in the Middle East could lead to further volatility in energy markets and oil prices, potentially worsening economic hardship across Africa. Many households on the continent rely on daily income and would be vulnerable to higher fuel costs or supply disruptions.

“Escalating crises in the Middle East could worsen economic hardship, particularly in Africa where many people rely on daily income,” he said, urging de-escalation to mitigate impacts on the region.

The £746 million deal, announced and signed last week during Tinubu’s visit, is seen as a concrete outcome of renewed Nigeria-UK ties and a step toward attracting more foreign direct investment into critical sectors like infrastructure and logistics. Analysts view it as part of efforts to modernize Nigeria’s ports, reduce congestion, create jobs, and support overall economic recovery.