Starmer hosts Tinubu as trade takes center stage
Prime Minister Sir Keir Starmer met Nigerian President Bola Ahmed Tinubu at Downing Street as the UK and Nigeria agreed what was described as a record-breaking steel agreement.
Under the deal, British Steel will supply 120,000 tonnes of steel to support refurbishment work at two major ports in Lagos. The contract is valued at £70m.
Starmer called Tinubu’s state visit “historic,” noting it is the first time in 37 years that a leader from a west African nation has made a state visit to the UK.
How the Lagos ports project is being financed
The steel contract sits within a wider UK supported funding package for the redevelopment of the Lagos Port Complex and the TinCan Island Port Complex. The UK has already agreed a £746m deal to fund the port upgrades.
UK Export Finance, the government’s export credit agency, is providing a guarantee to banks loaning the funds. The guarantee is tied to sourcing requirements, with at least 20% of contracts expected to be awarded to UK suppliers.
Officials said this structure could direct at least £236m in supplier contracts to British firms, including the £70m allocation for British Steel. The export was described as the company’s largest ever deal backed by UK Export Finance.
Industrial strategy angle in the UK
The agreement comes as the UK government sets out a strategy aimed at boosting the domestic steel sector. Trade Secretary Peter Kyle said the deal would reinforce British Steel’s expertise while supporting jobs and growth in Scunthorpe.
On the Nigerian side, Minister of Marine and Blue Economy Adegboyega Oyetola said the port redevelopment would strengthen Nigeria’s role as a leading maritime hub across west and central Africa.
State visit events and wider agenda
During the visit, the UK and Nigeria are also expected to sign a Memorandum of Understanding to explore future trade and investment opportunities. Tinubu said discussions would include trade and the economy, as well as challenges including terrorism and climate change.
King Charles hosted a state banquet at Windsor Castle for Tinubu and First Lady Oluremi Tinubu, praising the strength of ties between the two nations. Tinubu’s visit is also the first by a Muslim leader during Ramadan in almost a century, with adaptations made to accommodate fasting, including a prayer room at Windsor Castle and no traditional lunch hosted by the King.
Separately, Tinubu’s visit comes amid heightened tension in Nigeria following suspected suicide bombings in Borno state this week, in which at least 23 people were killed and 108 injured, with the attacks blamed on Boko Haram militants.
