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The United Kingdom (UK) will supply 120,000 tonnes of steel billets to Nigeria for the refurbishment of the Lagos Port Complex and TinCan Island Port Complex under the £746 million export finance deal Nigeria signed with the United Kingdom.
The UK Government announced this deal in a post published on its website on Thursday.
“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,” the post read in part.
The UK Government noted that this deal will be of immense benefit to Nigeria and the United Kingdom. For British Steel, the supply of 120,000 tonnes of steel follows from the Government’s newly announced Steel Strategy, which seeks to revitalise the UK steel sector. British companies will also receive at least £236 million in supplier contracts.
According to Adegboyega Oyetola, Nigerian Minister of Marine and Blue Economy, the partnership will lay a new foundation for an era of efficiency, transparency and competitiveness in Nigeria’s port system.
Peter Kyle, Business and Trade Secretary, said the steel strategy is a 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,” said Kyle.
