Tinubu, Starmer seal £70m Steel deal for Lagos Ports upgrade

UK Prime Minister, Keir Starmer, on Thursday received President Bola Ahmed Tinubu at Downing Street, as both countries sealed a £70 million steel supply deal to support the refurbishment of two major ports in Lagos.

The agreement will see British Steel supply 120,000 tonnes of steel for the upgrade of the Lagos Port Complex and Tin Can Island Port Complex. The deal forms part of a broader £746 million redevelopment arrangement backed by the United Kingdom.

Starmer described Tinubu’s visit as “historic,” noting that it marks the first state visit by a West African leader to the UK in 37 years.

President Tinubu said discussions with the British Prime Minister would focus on trade, economic cooperation, terrorism, and climate change. Both countries are also expected to sign a Memorandum of Understanding (MoU) to strengthen future trade and investment ties.

The UK Export Finance (UKEF) is guaranteeing the loans funding the port redevelopment, with a requirement that at least 20 per cent of contracts be awarded to British firms. This is expected to channel no less than £236 million in supplier contracts to UK companies, including £70 million for British Steel—its largest export deal supported by UKEF.

UK Trade Secretary, Peter Kyle, said the agreement would boost British Steel’s global competitiveness while supporting jobs and economic growth in Scunthorpe.

Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, said the project would strengthen the country’s position as a leading maritime hub in West and Central Africa.

The visit also featured ceremonial engagements, including a state banquet hosted by King Charles III at Windsor Castle, where he commended the long-standing relationship between both nations. Special arrangements were made in observance of Ramadan, including provision for prayer and adjustments to the banquet schedule.

First Lady Oluremi Tinubu also visited Lambeth Palace, the London residence of the Archbishop of Canterbury.