The United Kingdom government has announced a landmark £746 million deal to remodel two of Nigeria’s major ports, with British Steel securing a £70 million contract to supply steel for the project.
The financing agreement was announced during a meeting between British Prime Minister Keir Starmer and President Bola Tinubu at Downing Street in London on Thursday.
This is British Steel’s largest export order backed by UK Export Finance (UKEF).
The financing arrangement, Diaspora Digital Media understand, will be coordinated by Citibank.
UK Export Finance (UKEF) will guarantee loans for the remodelling of the Apapa and Tin Can Island port complexes, according to the deal.
UK Trade Secretary Peter Kyle said the deal would reinforce British Steel’s expertise and support jobs in Scunthorpe.
As part of the agreement, British Steel will supply 120,000 tonnes of steel for the port projects under a contract valued at £70 million.
The deal is expected to generate £236 million in supplier contracts for British companies, as at least 20 percent of the project components must be sourced from the UK, BBC reported.
While speaking after the meeting, Mr. Starmer said the visit marked a “historic” moment in bilateral relations.
Before the meeting, Tinubu had said discussions with the UK government would focus on trade, economic cooperation, and shared challenges — including security and climate change.
The revamping project aims to strengthen Nigeria’s position as a leading maritime hub in West and Central Africa, with improved port infrastructure and logistics.
Nigerian Minister of Marine and Blue Economy Adegboyega Oyetola said the project would enhance the country’s regional trade position.
The Nigeria Sovereign Investment Authority (NSIA) signed an MoU with the UK’s Asset Green Limited to develop an integrated dairy production platform in the West African nation.
