A Memorandum of Understanding (MoU) has been signed by the UK and Nigeria to explore and develop future trade and investment opportunities, with UK Export Finance (UKEF) guaranteeing £746 million to fund the redevelopment of two of Nigeria’s major trading ports.
This will see the refurbishment of two of Nigeria’s major national maritime infrastructure facilities located in Lagos: the Lagos Port Complex (Apapa Quays) and the TinCan Island Port Complex.
British Steel will supply 120,000 tonnes of steel billets to construction companies Hitech Nigeria and ITB Nigeria for the ports deal, amounting to a £70 million contract that represents British Steel’s largest export order backed by UKEF.
Trade Secretary Peter Kyle said: “Hot on the heels of our landmark Steel Strategy, this is a major win for British Steel made possible by UK Export Finance which is testament to the quality of UK-made steel and the booming UK-Nigeria relationship.”
The Government will support British steelmakers for long-term success at home and abroad, he added, and this contract will reinforce British Steel’s world-class expertise while supporting jobs and growth in Scunthorpe.
Details of the UK Steel Strategy can be found here.
Since 2018, UKEF’s support for West and Central Africa has grown by over £3 billion, reflecting the region’s appetite for diversified trade partnerships and the UK’s commitment to being a trusted partner for long-term investment.
