The Federal Government has secured a £746 million financing agreement with the United Kingdom to modernise Nigeria’s seaport infrastructure in what is being described as the most ambitious upgrade in nearly five decades.
The deal, backed by UK Export Finance (UKEF), will fund a comprehensive overhaul of the Lagos Port Complex in Apapa and the Tin Can Island Port Complex, which together handle more than 70 per cent of the country’s imports and exports.
The agreement is expected to be formally signed during President Bola Tinubu’s state visit to London on March 18–19, 2026, marking a significant step in strengthening economic ties between Nigeria and the United Kingdom.
In a statement issued by his Special Adviser, Dr. Bolaji Akinola, the Minister of Marine and Blue Economy, Adegboyega Oyetola, described the project as a major turning point for Nigeria’s maritime sector. He noted that the modernisation represents the first comprehensive upgrade of the two 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,” he said.
Oyetola added that the partnership reflects a shared commitment between Nigeria and the UK to promote sustainable maritime development through modern infrastructure and digital innovation.
The project will introduce advanced cargo-handling systems, expand port capacity, and deploy digital solutions aimed at eliminating long-standing operational bottlenecks. It is expected to significantly reduce vessel turnaround time and cargo dwell time, replacing manual, paper-based processes with automated systems.
According to the minister, improving efficiency at the ports will have a direct impact on the national economy by accelerating import and export processes, lowering logistics costs, and boosting revenue generation.
He also noted that the upgrade will strengthen Nigeria’s position in regional and global maritime trade, attract increased shipping traffic, and reinforce its role as a key gateway for commerce in 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 said.
