The Federal Government has secured a landmark £746 million financing agreement with the United Kingdom to deliver the most ambitious modernisation of Nigeria’s seaport infrastructure in nearly 50 years.
Backed by UK Export Finance (UKEF), the historic deal will fund the comprehensive upgrade of the Lagos Port Complex Apapa and Tin Can Island Port Complex, the nation’s two busiest ports, which together handle more than 70 per cent of Nigeria’s imports and exports.
The financing agreement is scheduled to be formally signed during President Bola Tinubu’s state visit to London on March 18–19, 2026, marking a deepening of economic cooperation between Nigeria and the UK while opening a new chapter in the country’s maritime development.
In a statement issued by his Special Adviser, Dr. Bolaji Akinola, the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, described the arrangement as a transformative milestone for Nigeria’s port system, noting that the modernisation represents the first comprehensive overhaul of Apapa and Tin Can Island ports since their establishment.
“Apapa Port and Tin Can Island Port have long borne the weight of our national trade, yet their infrastructure has lagged behind modern global shipping. This is not merely an upgrade but a full-scale transformation to align our ports with international best practices,” Oyetola said.
The minister added that the partnership with the UK reflects a shared commitment to advancing sustainable maritime development.
“Modern infrastructure, supported by digitalised and automated systems, will enhance efficiency, transparency, and operational reliability. Our goal is to build a port system that is modern, competitive, and capable of serving as a strategic maritime hub for West and Central Africa,” he said.
The modernisation programme will introduce advanced cargo-handling infrastructure, expand port capacity, and integrate digital systems to eliminate operational bottlenecks that have long slowed cargo movement. Once completed, vessel turnaround times and cargo dwell times will be sharply reduced, with automated processes replacing paper-based procedures.
“Efficiency at the ports is central to the health of the national economy. By modernising our infrastructure, we will accelerate import and export clearance, reduce logistics costs, stimulate economic growth, and generate increased revenue for national development,” the minister noted.
Dr. Oyetola also stressed that the transformation of the two port complexes will strengthen Nigeria’s strategic position in regional and global maritime networks, attract greater shipping traffic, and reinforce the country as a vital gateway for trade across West and Central Africa.
“Our vision is to build a port system that reflects the aspirations of a modern, globally competitive Nigeria. This initiative is a bold and necessary step to enhance efficiency, deepen investor confidence, and ensure our maritime infrastructure supports long-term economic ambitions,” he concluded.
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