UK, Nigeria Seal £746m Ports Deal, Boost British Steel Exports

The United Kingdom and Nigeria have signed a landmark £746 million financing agreement to redevelop key port infrastructure in Nigeria, in a move expected to strengthen trade ties and support thousands of jobs in the UK.

The deal, backed by UK Export Finance (UKEF), will fund the refurbishment of two major maritime facilities in Lagos — the Lagos Port Complex and the Tin Can Island Port Complex.

Arranged through UKEF’s Buyer Credit Facility and coordinated by Citibank, the agreement involves Nigeria’s Nigerian Ports Authority and the Federal Ministry of Finance.

A significant portion of the financing — at least £236 million — will go to British suppliers, underscoring a major boost for UK manufacturing. Notably, British Steel secured a record £70 million export contract to supply 120,000 tonnes of steel billets for the project. The materials will be used by construction firms Hitech Nigeria and ITB Nigeria.

Officials said the contract marks British Steel’s largest export order supported by UKEF and aligns with the UK government’s broader strategy to revitalise its steel industry.

The agreement is also expected to deliver economic benefits in the UK, supporting thousands of skilled jobs and injecting hundreds of millions of pounds into the economy.

In addition, both countries are set to sign a Memorandum of Understanding to deepen trade and investment cooperation, paving the way for future bilateral projects.

The development coincides with a high-level meeting in London, where UK Prime Minister Keir Starmer hosted Nigerian President Bola Ahmed Tinubu at Downing Street, with discussions focused on strengthening the UK–Nigeria Strategic Partnership.