The Federal Government has secured a landmark £746 million financing agreement with the United Kingdom to modernise Nigeria’s seaport infrastructure, marking the most ambitious overhaul 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 agreement is set to be formally signed during President Bola Tinubu’s state visit to London on March 18–19, 2026, highlighting deepening economic cooperation between Nigeria and the UK and signalling a new chapter in the country’s maritime development.
In a statement, the Minister of Marine and Blue Economy Dr. Adegboyega Oyetola described the programme as a transformative milestone, noting it is the first full-scale modernisation of the ports since their elishment. He said the initiative aims to align Nigerian ports with global best practices through advanced cargo-handling infrastructure, digitalised operations, and automated systems.
“Efficiency at the ports is central to the health of the national economy. Modernisation will accelerate import and export clearance, reduce logistics costs, stimulate growth, and generate revenue for national development,” Oyetola stated.
The project will reduce vessel turnaround times, eliminate operational bottlenecks, and improve transparency, positioning Nigeria as a strategic maritime hub for West and Central Africa. The minister also emphasised that the upgraded ports will attract greater shipping traffic, enhance investor confidence, and strengthen the country’s role in regional and global trade networks.
Oyetola concluded that the programme reflects Nigeria’s aspiration to build a globally competitive port system capable of supporting long-term economic ambitions and sustainable maritime development.
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