March 20, (THEWILL) — A landmark financing and export deal between the United Kingdom and Nigeria is set to strengthen bilateral trade ties while unlocking major infrastructure development and industrial growth.
The agreement, backed by UK Export Finance (UKEF), supports a large-scale steel supply arrangement involving British Steel and Nigeria-based Hitech Construction Africa Ltd, marking one of the biggest billet orders in British Steel’s history.
Executives at British Steel said the deal represents a shift from recent stabilisation efforts to long-term sustainability, following government intervention in April last year. The company noted that the scale of the order demonstrates strong global confidence in UK manufacturing, as well as its growing collaboration with the British government to meet international demand.
The transaction is being coordinated by Citibank (Citi), which has operated in Nigeria for over four decades. Citi’s Global Head of Export and Agency Financing, Richard Hodder, described the deal as a significant milestone, highlighting its role in supporting Nigeria’s infrastructure ambitions and delivering long-term economic benefits.
The financing supports critical infrastructure tied to the Nigerian Ports Authority (NPA), reinforcing the Federal Government’s drive to modernise trade infrastructure and enhance port efficiency.
UKEF’s Chief Executive Officer, Tim Reid, said the agreement showcases the agency’s ability to unlock large-scale opportunities for British exporters while contributing to sustainable growth in key markets like Nigeria. He added that more than £200 million from the deal will flow back to UK companies, including the record billet contract secured by British Steel.
According to UKEF, its support for West and Central Africa has grown by over £3 billion since 2018, reflecting increasing demand for diversified trade partnerships and long-term investment across the region.
The deal also includes a new Memorandum of Understanding aimed at deepening trade cooperation between both countries and opening additional opportunities for British exporters across Africa.
Analysts say the development sends a strong signal to international investors that Nigeria remains open for business, underpinned by credible government-to-government partnerships and a renewed focus on trade-driven growth.
With large-scale infrastructure financing, industrial supply chain expansion, and strengthened diplomatic ties, the agreement is expected to play a pivotal role in boosting investor confidence and accelerating Nigeria’s economic development agenda.
Janefrances Ebere Chibuzor is a Tourism Writer at THEWILL
