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British Steel deal to boost Nigeria port productivity

[ March 24, 2026   //   ]

UK Export Finance has guaranteed a £746 million fund for the redevelopment of support the refurbishment of the Lagos Port Complex (Apapa Quays) and the TinCan Island Port Complex in Nigeria.

The funding will be delivered through UKEF’s Buyer Credit Facility coordinated and arranged by Citibank.  

British Steel will supply 120,000 tonnes of steel billets to construction companies Hitech Nigeria and ITB Nigeria for the deal. The £70 million contract is British Steel’s largest export order backed by UKEF.

At a ceremony to mark the occasion on 19 March, Nigerian Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, 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, we are laying the foundation for a new era of efficiency, transparency and competitiveness in Nigeria’s port system.

“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.”

The two countries have also signed a memorandum of understanding to develop trade and investment opportunities

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