UK Backs £746m Lagos Port Overhaul as Tinubu, Starmer Seal Steel Deal

President Bola Ahmed Tinubu met with UK Prime Minister Keir Starmer at Downing Street on Thursday, where both leaders confirmed a £70 million steel supply agreement tied to the upgrade of key Lagos ports.

As reported by BBC, British Steel will provide 120,000 tonnes of steel for the redevelopment of the Lagos Port Complex and TinCan Island Port Complex. The supply forms part of a larger £746 million project backed by the UK government.

Describing the visit as “historic,” Starmer noted that it represents the first state visit to the UK by a West African leader in 37 years.

Tinubu said discussions would address trade, economic cooperation, terrorism, and climate change, adding that both nations plan to sign a Memorandum of Understanding to expand trade and investment opportunities.

The redevelopment is financed through loans guaranteed by UK Export Finance, which requires that at least 20 per cent of contracts be awarded to British companies. This condition is expected to generate a minimum of £236 million in contracts for UK firms, including a £70 million deal for British Steel—its largest UKEF-backed export agreement.

UK Trade Secretary Peter Kyle said the deal would enhance British Steel’s international competitiveness while supporting employment and economic activity in Scunthorpe.

Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, said the project would boost Nigeria’s standing as a maritime hub across West and Central Africa.

The visit featured ceremonial engagements, including a state banquet hosted by King Charles III at Windsor Castle, where he praised the enduring ties between both countries. Adjustments were made to accommodate Ramadan, including provision for prayer and changes to the event schedule.

First Lady Oluremi Tinubu also visited Lambeth Palace during the visit.

Africans Angle News