By Desire Emmanuel
British Prime Minister, Keir Starmer, on Thursday, March 19, met President Bola Ahmed Tinubu at Downing Street, as the two countries agreed a record-breaking steel deal, the British Broadcasting Corporation (BBC) reported.
Under the agreement, British Steel will supply 120,000 tonnes of steel to refurbish two major ports in Lagos, with the contract worth £70 million.
Sir Keir hailed the president’s state visit – the first by a leader of a west African nation in 37 years – as “historic”.
On Wednesday, the King hosted a spectacular state banquet at Windsor Castle for the president and first lady, praising the strength of the ties between the two nations.
Tinubu said the two leaders were set to discuss trade and the economy as well as the challenges of terrorism and climate change.
During his visit, the two countries will sign a Memorandum of Understanding to explore future trade and investment opportunities.
The UK has already agreed a £746 million deal with Nigeria to fund the redevelopment of the Lagos Port Complex and the TinCan Island Port Complex.
UK Export Finance (UKEF), the UK government’s export credit agency, has provided a guarantee to the banks loaning the funds under the condition at least 20% of the contracts are sourced from the UK.
At least £236 million of supplier contracts will be directed to British firms, including £70m for British steel – the company’s largest ever export backed by UKEF.
It comes as the UK sets out a new strategy to boost the domestic steel industry.
Trade Secretary Peter Kyle said the deal would “reinforce British Steel’s world-class expertise while supporting jobs and growth in Scunthorpe.”
