Nigeria has secured a £746 million financing agreement with the United Kingdom to fund the modernisation of the Apapa and Tin Can Island Ports in Lagos.
The deal is set to be formally signed during President Bola Tinubu’s state visit to London on March 18-19, 2026.
This was made known on Tuesday in a statement by Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, who described the financing package as a “transformative milestone” for the country’s port system.
He said the project is not merely an upgrade but a comprehensive transformation designed to bring Nigerian ports into alignment with international best practices.
The move marks the most ambitious overhaul of the ports in nearly 50 years.
The statement signed by the Special Adviser to the Minister, Dr Bolaji Akinola, also revealed that the financing arrangement was secured with the backing of UK Export Finance.
The minister noted that the two ports handle more than 70 per cent of Nigeria’s imports and exports and serve as the central arteries of the nation’s maritime trade. He said despite that, the “infrastructure has not kept pace with the scale and complexity of modern global shipping.”
“What we are set to do is not merely an upgrade, but a comprehensive transformation that will bring our ports into alignment with international best practice,” Oyetola clarified.
The minister stressed that the objective of the project is to “create a port system that is modern, competitive, and capable of serving as a strategic maritime hub for West and Central Africa.”
According to him, the project forms a central pillar of the Federal Government’s broader agenda to unlock the vast economic potential of Nigeria’s marine and blue economy.
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The minister, who described the agreement as a “historic collaboration” between Nigeria and the United Kingdom, said they are laying the groundwork for a new era in the management and operation of Nigerian ports.
The modernisation programme will introduce advanced cargo-handling infrastructure, expanded port capacity, and integrated digital systems to eliminate operational bottlenecks.
The reforms are expected to significantly reduce vessel turnaround times and cargo dwell times by replacing outdated manual processes with automated systems. This, according to the minister, will lead to faster clearance of imports and exports, and reduced demurrage and logistics costs for businesses.
Analysts note that the deal reflects a shared commitment to advancing sustainable maritime development, opening a new chapter in Nigeria’s maritime development. It also underscores the strong bilateral trade relationship, which currently stands at about £8.1 billion annually.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X
