Nigeria has entered into an export finance deal valued at £746 million with the United Kingdom. This agreement is specifically designed to modernise two of Nigeria's primary seaports: the Lagos Port Complex and the TinCan Island Port Complex. The overarching goal is to position these ports to be globally competitive and to enhance maritime logistics and trade efficiency.

The UK Export Finance is providing the guarantee for this significant fund. This initiative is particularly timely as it was announced during President Bola Tinubu’s state visit to King Charles of Britain, marking the first such visit by a Nigerian leader in nearly four decades.

Collectively, the Lagos Port Complex and TinCan Island Port Complex handle over 70 per cent of Nigeria’s imports and exports. They are considered the central arteries of the nation’s maritime trade, according to a statement from the Federal Ministry of Marine and Blue Economy.

The loan was arranged by Citibank. British companies are set to facilitate £236 million of the supply chain for this project. Notably, British Steel will be involved in a £70 million contract as part of the upgrade.

The comprehensive upgrade will involve deepening harbour channels, fortifying quay walls, and installing state-of-the-art cargo-handling machinery. This modernisation is also expected to boost trade between Nigeria and the UK, which is currently estimated at £8.1 billion annually.

A central aspect of the redevelopment is digital transformation, aimed at increasing operational efficiency. The entire project is anticipated to span 48 months, with a targeted commencement date in the first quarter of 2026.

Gboyega Oyetola, the minister of marine and blue economy, stated that the initiative is more than an upgrade; it is a comprehensive transformation to align the ports with international best practices. He added that modern infrastructure, supported by digitalised and automated processes, will significantly enhance efficiency, transparency, and operational reliability.

The minister further elaborated that the objective is to create a port system that is modern, competitive, and capable of serving as a strategic maritime hub for West and Central Africa. The upgrade plans include the automation of customs clearance processes and the integration of the National Single Window platform, which is an initiative for a centralised electronic trade platform.

Additionally, the project aims to support an expansion of port capacity and mitigate operational bottlenecks that have historically hampered cargo movement through the ports.