Nigeria and the United Kingdom have sealed a £70 million steel supply agreement aimed at modernising key port infrastructure in Lagos, in a move expected to strengthen trade capacity and deepen economic ties between both countries.
The deal, part of a broader £746 million redevelopment plan, will see British Steel provide about 120,000 tonnes of materials for the upgrade of the Lagos Port Complex and TinCan Island Port Complex. The project is backed by UK Export Finance (UKEF), which is supporting the funding arrangement.
The UK, Nigeria steel deal for Lagos ports upgrade is expected to play a central role in improving efficiency at two of Nigeria’s busiest maritime hubs, while also opening up more opportunities for international trade and logistics.
Speaking during the meeting at Downing Street, UK Prime Minister Keir Starmer described the engagement as historic, noting that it marked the first official visit by a West African leader to the UK in decades. He said the agreement would also support jobs and industrial growth in the UK.
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President Bola Ahmed Tinubu said discussions with the British government went beyond infrastructure, covering trade expansion, economic cooperation, climate issues, and security concerns.
Under the terms of the financing, at least 20 per cent of the contracts linked to the project will go to British companies. This is expected to channel no less than £236 million in supply deals to UK firms, with the UK, Nigeria steel deal for Lagos ports upgrade accounting for a significant portion.
Officials say the upgrade will enhance Nigeria’s position as a maritime hub in West and Central Africa by improving cargo handling and port operations. The Minister of Marine and Blue Economy, Adegboyega Oyetola, noted that the project aligns with efforts to modernise the country’s port system.
Beyond infrastructure, the visit also featured diplomatic and ceremonial engagements, including a state banquet hosted by King Charles III at Windsor Castle. Special arrangements were made to accommodate Ramadan observances.
Analysts say the UK, Nigeria steel deal for Lagos ports upgrade reflects growing cooperation between both countries, particularly in trade and investment, at a time when Nigeria is seeking to expand its economic partnerships.