The Federal Government has secured a £746 million financing agreement with the United Kingdom to modernise Nigeria’s seaport infrastructure, focusing on the Lagos Port Complex in Apapa and the Tin Can Island Port Complex.
The agreement was disclosed by the Minister of Marine and Blue Economy, Adegboyega Oyetola, in a statement issued by his Special Adviser on Media, Bolaji Akinola.
The financing is backed by UK Export Finance and is expected to support a large-scale upgrade of Nigeria’s key maritime facilities.
Apapa Port and Tin Can Island Port handle more than 70 percent of Nigeria’s imports and exports and serve as major gateways for maritime trade.
The agreement is scheduled to be formally signed during President Bola Tinubu’s state visit to London on March 18 and 19, 2026.
Oyetola described the financing arrangement as a major step in the development of Nigeria’s maritime sector.
He said the project will involve a comprehensive upgrade of port infrastructure, including the introduction of modern cargo-handling systems and digital processes.
“This financing agreement represents a defining moment for Nigeria’s maritime sector,” the minister said.
He added that the modernisation will replace outdated systems with automated processes aimed at improving efficiency, transparency, and operational reliability across the ports.
The minister stated that the project is expected to reduce vessel turnaround time and cargo dwell time, while improving the movement of goods through the ports.
He also noted that the initiative will expand port capacity and address long-standing operational challenges affecting cargo clearance and logistics.
The Federal Government said the modernisation programme is part of efforts to improve efficiency in Nigeria’s maritime sector and support trade activities.
The project is also expected to enhance the country’s position in regional and global shipping networks.
Officials added that improved port operations could contribute to reduced logistics costs and increased revenue generation from maritime activities.
