Starmer, Tinubu Sign £746million UK-Nigeria Ports Deal Including £70million For British Steel Company
Starmer, Tinubu Sign £746million UK-Nigeria Ports Deal Including £70million For British Steel Company
At the heart of the discussions is the £746million financing package involving UK Export Finance, the Nigerian Ports Authority, and the Federal Ministry of Finance, structured to fund the rehabilitation of critical maritime assets.
A £746 million financing agreement to overhaul Nigeria’s key port infrastructure has taken centre stage as President Bola Tinubu meets with United Kingdom Prime Minister Keir Starmer in a high-level bilateral engagement aimed at deepening economic and strategic ties.
According to a statement issued Monday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the meeting is expected to culminate in the signing of multiple Memoranda of Understanding and agreements covering trade, investment, defence, and cultural cooperation.
The statement said the meeting reinforces Nigeria’s commitment to deepening bilateral relations, attracting foreign investment, and modernising key infrastructure to support economic growth.
At the heart of the discussions is the £746million financing package involving UK Export Finance, the Nigerian Ports Authority, and the Federal Ministry of Finance, structured to fund the rehabilitation of critical maritime assets.
UK Export Finance (UKEF), the UK government’s export credit agency, has provided a guarantee to the banks loaning the funds under the condition at least 20% of the contracts are sourced from the UK.
At least £236m of supplier contracts will be directed to British firms, including £70m for British steel – the company’s largest ever export backed by UKEF.
Under the agreement, British Steel will supply 120,000 tonnes of steel valued at £70 million for the refurbishment of two major port facilities—the Lagos Port Complex (Apapa Quays) and the Tin Can Island Port Complex, both pivotal to Nigeria’s import and export operations.
The deal highlights a strategic alignment in which Nigeria advances its infrastructure modernisation agenda while the UK secures industrial export opportunities tied to the financing.
Beyond the financing agreement, the broader engagement signals renewed momentum in Nigeria-UK relations, with both sides seeking to expand cooperation across multiple sectors.
Earlier, President Tinubu and the First Lady were hosted by King Charles III and Queen Camilla at Windsor Castle, underscoring the diplomatic significance of the visit.
Tinubu is accompanied by a high-powered delegation, including Senate President Godswill Akpabio and senior cabinet officials, reflecting the wide-ranging scope of the bilateral talks.
