Category: Press Releases

The press release issued by the Department for Business and Trade on 19 March 2026.

UK Export Finance announces support for UK exporters to supply high-value projects in Nigeria.

• Major vote of confidence in UK manufacturing as UK Export Finance guarantees £746 million ($902m) to fund the redevelopment of two of Nigeria’s major trading ports 
• A record-breaking £70 million ($95m) contract for British Steel is the result of at least £236 million of the overall deal being invested into British companies  
• A Memorandum of Understanding will also be signed today between the UK and Nigeria to explore and develop future trade and investment opportunities 

Thousands of skilled UK jobs will be supported and hundreds of millions invested into the economy as a historic financing deal is signed today [Thursday 19 March] between the UK and Nigeria.   

The £746 million sum will be used to support the refurbishment of two of Nigeria’s major national maritime infrastructure facilities located in Lagos, the Lagos Port Complex (Apapa Quays) and the TinCan Island Port Complex. It will be delivered through UKEF’s Buyer Credit Facility coordinated and arranged by Citibank, N.A London Branch (“Citi”). 

The agreement between UK Export Finance, the UK government’s export credit agency (UKEF), the Nigerian Ports Authority (NPA) and the Federal Ministry of Finance, will deliver significant benefits for British businesses, with at least £236 million of supplier contracts directed to British companies.  

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. It follows from the Government’s newly announced Steel Strategy which seeks to revitalise the steel sector.

It comes as the Prime Minister welcomes The President of the Federal Republic of Nigeria, Mr. Bola Ahmed Tinubu, to Downing Street today, with the leaders discussing shared priorities to strengthen the UK–Nigeria Strategic Partnership.

Peter Kyle, Business and Trade Secretary said: 

Hot on the heels of our landmark Steel Strategy, this is a major win for British Steel made possible by UK Export Finance which is 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.

Dr. Adegboyega Oyetola, Nigerian Minister of Marine and Blue Economy 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 with the United Kingdom, we are laying the foundation for a new era of efficiency, transparency and competitiveness in Nigeria’s port system. Modern infrastructure, supported by digitalised and automated processes, will transform the way our ports operate and strengthen Nigeria’s position as a leading maritime hub in West and Central Africa.

Nigeria’s port operations will be transformative. 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.

Alongside the NPA deal announcement, the UK and Nigeria will sign a Memorandum of Understanding (MOU) establishing a framework for potential future collaboration. The MOU sets out Nigeria’s priority project pipeline, seeking UKEF finance and support, with the UK set to benefit directly through substantial supply chain participation. The signing signals a clear commitment from both governments to deepen their long-term partnership on trade, infrastructure and sustainable growth. 

Hitech Nigeria and ITB Nigeria have been at the forefront of some of Nigeria’s most transformative infrastructure projects and advanced engineering. 

The Steel Strategy highlights one of many initiatives that the Government is already doing including those on energy prices, skills, procurement and financing support of projects such as the Scrap Metal Taskforce and the new Trade Defence Measures. 

Allan Bell, British Steel CEO said: 

This is a record-breaking contract for British Steel and a major boost to our 4,000 employees and many more people in our supply chains.

After government intervention last April, everyone at British Steel has worked hard to stabilise the company. This deal represents us moving from stabilisation to building long-term sustainability for the business.

As one of the largest ever orders for billet in the history of this company, it marks a tremendous vote of confidence in British Steel and UK manufacturing. And as the biggest order we have ever secured with UK Export Finance, it demonstrates how we are working with the UK Government to meet the global demand for our products.

We thank the government for its support and look forward to working with Hitech Construction Africa Ltd on this transformative project.

Richard Hodder, Global Head of Export & Agency Financing at Citi said:

Citi has been present in Nigeria for over 40 years and is delighted to support NPA and the Federal Government of Nigeria in the financing of this critical infrastructure project which will deliver significant economic benefits to the Nigerian economy over the coming years. As the Coordinator of the transaction, we are pleased to have worked in close partnership with the team at UKEF to deliver one of the largest Export Credit Agency supported Buyer Credit Facilities ever seen in West Africa.

Today’s milestones represent UKEF’s growing presence in the region. Since 2018, UKEF support for West and Central Africa has grown by over £3 billion, reflecting the region’s appetite for diversified trade partnerships and the UK’s commitment to being a trusted partner for long-term investment. 

Tim Reid, CEO at UK Export Finance said:

This deal represents a milestone for UK-Nigeria trade relations and demonstrates the full capacity of UK Export Finance to unlock transformational opportunities for British businesses, while supporting sustainable economic growth in key markets.

With over £200 million feeding back to British companies, including one of the largest steel billet contracts in British Steel’s history and our new Memorandum of Understanding, UKEF is laying the foundations for a deeper, long-term relationship with Nigeria, that will open doors for British exporters across the entire region.

Together, these announcements signal to international markets that Nigeria is open for trade and investment, demonstrating credible government-to-government delivery and building wider investor confidence around Nigeria’s trade infrastructure and growth agenda.

The press release issued by the Department for Business and Trade on 19 March 2026.

UK steel producers and thousands of steel workers to benefit from a new landmark Steel Strategy and robust trade measure.

• Landmark new Steel Strategy sets ambition for up to 50% of steel used in the UK to be made in the UK, boosting production from 30%.
• UK will introduce new trade measure to support national security by preserving vital steel production for critical national infrastructure and defence. 
• Steel import quotas will be reduced with higher tariffs of 50% outside of quotas, ensuring the UK steel sector’s future in the face of global overcapacity.  

UK steel producers and thousands of steel workers from Glasgow to Port Talbot will benefit from a new landmark Steel Strategy as Government takes bold action to protect domestic steelmaking and build more resilience in the supply chain for critical national infrastructure and defence. 

On a visit to Tata Steel Port Talbot to meet steelworkers and launch the Strategy, the Business and Trade Secretary Peter Kyle announced the Government’s ambition to boost domestic production so that it can meet up to 50% of our domestic demand for steel, and secure the industry’s role in supporting vital UK sectors like infrastructure, defence and clean energy. 

Building on the direct financial support the government has made so far, the National Wealth Fund will be the government’s main mechanism for providing up to £2.5 billion of financing for investment in the steel sector this Parliament. The Steel Strategy forms a vital part of the Government’s activist and strategic approach to British industry, taking decisive action to give businesses the certainty and support they need in uncertain times and bolstering the UK’s resilience.

Today, the UK also announces that from 1 July 2026, overall quota levels for steel imports will be significantly reduced by 60% compared to current arrangements, and steel coming into the UK above these levels will be subject to a 50% tariff.   

The robust new measure is a vital step to protect UK steel production in the face of global steel overcapacity. It will apply to imported steel products where they can be made in the UK.

Without action, the UK’s steelmaking capability faces real jeopardy, leaving us reliant on overseas suppliers for materials essential to our energy security, defence and transport infrastructure.  

Business and Trade Secretary Peter Kyle said: 

“Making steel in the UK is vital for national security, critical infrastructure and the wider economy. Steel-making is a cornerstone of our modern industrial policy that deliberately focuses support for key industries, technologies, and strategically important sectors.   

“With this strategy we are closing the decades-long chapter of destructive de-industrialisation and committing instead to strengthening and sustaining Britain as a steel-making nation.” 

The new Steel Strategy also commits to: 

• Confirm electric arc furnaces (EAF) as the future of British steelmaking, continuing the shift from blast furnaces to cleaner, EAF-based production using recycled scrap to support net zero. 
• Enable offshore wind developers to include steel manufacturers in the next round of Clean Industry Bonus applications (launching this year) to maximise UK steel use in renewables. 
• Launch a cross-government working group to ensure a sustainable supply of scrap metal for UK steelmakers. 
• Task the Steel Council with action on workforce needs and practical research and innovation to boost productivity and competitiveness. 

Alongside the new trade measure being announced today, the Government will also be raising the UK’s maximum Most Favoured Nation (MFN) steel tariffs at the WTO to 50% to protect domestic industry in the long run from the impacts of global overcapacity. 

This approach reflects feedback from government’s recent Call for Evidence, aligns with the UK’s Industrial Strategy and Trade Strategy, and follows months of engagement with UK steel producers and downstream industries.  

In tandem, the Government will explore the possibility of introducing requirements to identify where steel imports are melted and poured, in order to better understand our supply chains and ensure the UK steel industry is better protected from global overcapacity.  

The new measure is not about stopping steel trade: steel imports are necessary for industry and will continue. Quota allocations have been carefully designed through engagement with industry to help maintain security of supply and minimise impacts on the wider economy.

Following engagement with downstream sectors, there will be a quarterly roll-over of quotas within the year and a review of the measure after twelve months.   

The UK remains committed to working with international partners, including the European Union, with whom our supply chains are so connected, to tackle global steel challenges. The UK will also continue to work through the Global Forum on Steel Excess Capacity and take forward efforts to advance WTO reform.

Further good news for the UK’s steel sector will be unveiled later today during the Nigerian State Visit, with a substantial new deal backed by UK Export Finance worth £70 million, for British Steel to supply the refurbishment of two of Nigeria’s trading ports. 

Notes to editors 

• The Government is engaging directly with affected stakeholders and trading partners. 
• We are exploring a transitional arrangement under which the new tariff would not apply to goods under contract agreed before 14 March and imported between 1 July and 30 September 2026. We are finalising the details to ensure it gives genuine support from unexpected costs, while still protecting the UK market from excessive imports.
• Read the new Steel Strategy. 
• The Steel Strategy builds on major support the Government has already put in place for the steel industry since taking office, including slashing electricity costs for producers via the Supercharger, reforming procurement rules to ensure more UK-made steel is considered for public projects and speeding up grid access for new investment projects.  
• Since the Government’s intervention at Scunthorpe last year British Steel has made other important progress, including hiring new apprentices and signing significant contracts, such as supplying a Turkish rail project worth tens of millions. 
• Other active government support for Britain’s steel sector and communities since taking office has included £500 million to support the construction of a new electric arc furnace (EAF) at Port Talbot, alongside over £100 million of transition funding for local businesses and to retrain ex-workers. 
• The Government has also backed the Official Receiver with the funding to run a sales process for Speciality Steel UK’s sites, protecting jobs in Rotherham and Stocksbridge in the interim. 
• The up to £2.5 billion of funding for the steel sector this Parliament is in addition to £500 million already earmarked for Tata Steel’s £1.25 billion transformation at Port Talbot, securing 5,000 jobs. 
• In 2024, nearly 40,000 people worked across the UK steel industry, with steelmakers paying on average 32% above local average wages
• 40,000 employed in the UK steel industry sources: ONS JOBS03: Employee jobs by industry Q3 2025, ONS JOBS04: Self-employment jobs by industry Q3 2025 and ONS: Business Register and Employment Survey (BRES) 2024
• 32% above local average wages source: Employee earnings in the UK – Office for National Statistics

Stakeholder quotes:

Jon Bolton, Co-Chair of the UK Steel Council, said:

“This Steel Strategy, alongside the recently published Industrial Strategy, demonstrates the government’s determination to support Foundational Industries and sets out a case for investment in the UK”s steel sector.  

“Steel along with all industrial sectors is facing many external challenges emphasising the need to secure a competitive UK supply chain.  A significant demand for steel in the UK supported by a positive policy landscape, a globally recognised academic knowledge base and a skilled workforce will enable the sector to arrest its many years of decline.”

Gareth Stace, Director General, UK Steel, said:

“Steel underpins our national security, our energy transition, and the delivery of critical infrastructure. Yet for too long, the UK has lacked a coherent, long‑term plan to support the sector. Today’s strategy acknowledges the essential role steel plays in every part of the economy and sets out the direction needed to attract investment, boost innovation, and strengthen our industrial foundations.

“This is a crucial moment: with global markets distorted by overcapacity and subsidy, a clear and ambitious domestic strategy is exactly what is required to ensure steelmaking not only survives in the UK but thrives.”

Community Union General Secretary, Roy Rickhuss CBE, says:

“Since taking office in 2024, the Government has taken many decisive steps to support the steel industry and those who work within it. This Steel Strategy represents the culmination of these efforts.

“The trade measure outlined in this Strategy represent a bold and significant step forward, strengthening our domestic industry and helping to ensure that local economies continue to benefit from a secure, resilient steel sector and the employment it provides.”

Sir Andrew Cook CBE, Chairman, William Cook Holdings Ltd, said:

“The Government’s measures are a recognition of the need to defend the industry from the distortions in global markets. I welcome them, and trust that we can look forward to further trade defence initiatives extending to other areas of the steel industry that are badly damaged by subsidised imports.”

Nick Haycock, Managing Director at Marcegaglia UK, said:

“Unlike some of the steel producers, we have not had any defence for our core products until now. Our markets have been badly impacted by unfair competition and this reduction in quotas offers us an opportunity to grow our domestic market share and domesticate our supply chains. Marcegaglia UK has made major investments in recent years, and these measures will lead to further job creation in our local area.”

Charlotte Brumpton-Childs, GMB National Secretary, said:

“GMB had been calling for a steel strategy for a long time – so it’s good we now have some kind of plan.

“This administration has done more for UK steel than any Government for many, many years.

“But, as ever, the devil will be in the detail and key questions around ownership of Scunthorpe and the future technology mix will be key to our members and their livelihoods.”

The press release issued by the Department for Business and Trade on 19 March 2026.

New redress scheme announced for relatives of postmasters affected by the Post Office Horizon scandal.

• Scheme designed with family members’ input to ensure delivery of redress as swiftly as possible, including in cases with limited or lost evidence. 
• Family group Lost Chances, who have long campaigned for justice, updated in person by the Post Office Minister on the scheme today 
• Personal, face-to-face apologies from organisations to begin as part of restorative justice programme for postmasters and their families  

The Government has today announced details of a new redress scheme for close family members of postmasters most severely affected by the Horizon scandal, which is expected to open in summer 2026.   

This will extend support beyond the almost £1.5 billion of payments already made to postmasters themselves, directly recognising that the scandal’s devastating consequences were experienced not just by those running post offices, but also by those closest to them.  

In many cases, family members suffered serious harm to their mental health and wellbeing as a direct result of their loved ones’ experiences.  

The scheme has been designed to be as accessible and straightforward as possible — minimising bureaucratic barriers so that families receive redress without delay. It also fulfils a key commitment made by the Government following the publication of Volume 1 of the Post Office Horizon IT Inquiry final report. 

Post Office Minister, Blair McDougall will meet representatives from campaign group Lost Chances today to discuss the scheme. They have been involved in the design of the scheme alongside other postmasters and interested groups.  

Minister for Postal Affairs, Blair McDougall, said: 

“The Horizon scandal caused immeasurable harm — not just to the postmasters wrongly accused of crimes, but to their families who stood beside and suffered alongside them.  

“Today’s scheme recognises that harm and will make sure those families receive the support they deserve, as quickly and simply as possible.  

“We have listened carefully to those affected and designed this scheme to reach as many people as we can without putting unnecessary barriers in their way.” 

Recognising that many family members will face real difficulty in obtaining formal evidence of harm suffered years ago, the Government has developed two routes to redress. 

Family members who can provide contemporaneous evidence of personal injury, or who have an ongoing medical condition arising from Horizon, can apply for a full assessed personal injury claim.  

For those who cannot provide this level of evidence, a new events-based route has been created. Where a postmaster relative experienced one of the most serious consequences of the scandal — such as criminal prosecution or bankruptcy — the Government will offer fixed rate recognition payments without requiring further evidence of personal harm. 

This approach ensures that family members are not left without any recourse simply because records decades ago are no longer available. 

Alongside the new scheme, the Government today gives its support for a postmaster-led restorative justice programme which it is funding jointly with the Post Office and Fujitsu. The Restorative Justice Council (RJC) is today publishing a report setting out how the project will be delivered.  

This will include the opportunity for postmasters and their families to join facilitated meetings with staff from Post Office, Fujitsu and the Department for Business and Trade to receive personal, face-to-face apologies from organisations involved in the scandal – to add to the public apologies already given.  

The Department for Business and Trade, the Post Office and Fujitsu have agreed to jointly fund and support the programme over a five-year period. 

The programme was developed in close collaboration with postmasters themselves and follows a pilot phase whose findings were published by the RJC in October 2025. 

Lord Arbuthnot, of the Horizon Compensation Advisory Board, said: 

“I welcome the Government’s proposals to provide redress to the family members of Horizon postmasters, many of whom suffered immeasurable harm because of this dreadful saga.   

“The Horizon Compensation Advisory Board has helped to shape the scheme’s design and will continue to monitor closely the development of the scheme and to provide its experience and expertise where helpful. 

“Whilst the wrongs of the Horizon scandal cannot be undone, this scheme will help to give family members the recognition that they deserve.”

ENDS

Notes to editors 

• The scheme for families of Horizon Scandal postmasters follows the Government’s acceptance of recommendation 18 of the Post Office Horizon IT Inquiry Volume 1 report, and recommendations from the Horizon Compensation Advisory Board. The restorative justice programme detailed also follows the Government’s acceptance of recommendation 19 of the Post Office Horizon IT Inquiry Volume 1 report. 
• The Government has today written to the Lost Chances group setting out the details of the scheme. A copy of the letter has been published online : Horizon Family Members Redress Scheme: letters from the Minister for Small Business and Economic Transformation – GOV.UK