UK Export Finance has guaranteed £746 million ($902m) to fund the redevelopment of Lagos Port Complex (Apapa Quays) and TinCan Island Port Complex in Nigeria. British Steel has secured a record-breaking £70 million ($95m) contract to supply 120,000 tonnes of steel billets to Hitech Nigeria and ITB Nigeria, representing the largest export order in British Steel's history backed by UKEF. At least £236 million of supplier contracts from the overall deal will flow to British companies, and the UK and Nigeria signed a Memorandum of Understanding establishing a framework for future trade and investment collaboration.