Record-breaking order for British Steel as UK and Nigeria sign landmark £746 million ports deal in International Shipping News 20/03/2026 Thousands of skilled UK jobs will be supported and hundreds of millions invested into the economy as a historic financing deal is signed today [Thursday 19 March] between the UK and Nigeria. The £746 million sum will be used to support 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. It will be delivered through UKEF’s Buyer Credit Facility coordinated and arranged by Citibank, N.A London Branch (“Citi”). The agreement between UK Export Finance, the UK government’s export credit agency (UKEF), the Nigerian Ports Authority (NPA) and the Federal Ministry of Finance, will deliver significant benefits for British businesses, with at least £236 million of supplier contracts directed to British companies. 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. It follows from the Government’s newly announced Steel Strategy which seeks to revitalise the steel sector. It comes as the Prime Minister welcomes The President of the Federal Republic of Nigeria, Mr. Bola Ahmed Tinubu, to Downing Street today, with the leaders discussing shared priorities to strengthen the UK–Nigeria Strategic Partnership. Peter Kyle, Business and Trade Secretary 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. Through our new Strategy we’re backing British steelmakers for long-term success at home and abroad, and this contract will reinforce British Steel’s world-class expertise while supporting jobs and growth in Scunthorpe. Dr. Adegboyega Oyetola, Nigerian Minister of Marine and Blue Economy said: The modernisation and upgrading of Nigeria’s ports represents a major step forward for the country and aligns closely with the Federal Government’s commitment to unlocking the full potential of the marine and blue economy. Through strategic partnerships such as this with the United Kingdom, we are laying the foundation for a new era of efficiency, transparency and competitiveness in Nigeria’s port system. Modern infrastructure, supported by digitalised and automated processes, will transform the way our ports operate and strengthen Nigeria’s position as a leading maritime hub in West and Central Africa. Nigeria’s port operations will be transformative. Turnaround times for vessels and cargo dwell times within the ports are projected to fall sharply as automated processes replace paperwork-heavy procedures and as expanded capacity removes longstanding bottlenecks. The modernised infrastructure will enable faster clearance of imports and exports, reduce demurrage and logistics costs for businesses, significantly improve the predictability and transparency of cargo movement and generate more revenue for national development. Alongside the NPA deal announcement, the UK and Nigeria will sign a Memorandum of Understanding (MOU) establishing a framework for potential future collaboration. The MOU sets out Nigeria’s priority project pipeline, seeking UKEF finance and s