The Federal Government has secured a £746 million financing agreement with the United Kingdom to modernise Nigeria’s seaport infrastructure. This significant investment targets major upgrades at the Apapa and Tin Can Island ports in Lagos, aiming to transform the country’s principal maritime gateways.

The financing arrangement, backed by UK Export Finance (UKEF), will fund a comprehensive overhaul of the Lagos Port Complex, Apapa, and the Tin Can Island Port Complex. These two ports collectively handle more than 70 per cent of Nigeria’s imports and exports, making them central to the nation’s maritime trade.

The agreement is scheduled for formal signing during President Bola Ahmed Tinubu’s state visit to London on March 18 and 19, 2026. This move signifies a deepening of strategic economic cooperation between Nigeria and the United Kingdom.

Minister of Marine and Blue Economy, Gboyega Oyetola, described the deal as a transformative milestone for Nigeria’s maritime sector. He noted that this project marks the first comprehensive overhaul of the facilities since their establishment, with the Apapa Port dating back to 1913 and Tin Can Island Port commissioned in 1977.

The modernisation programme is expected to introduce advanced cargo-handling systems, expanded capacity, and digitalised operations. The goal is to eliminate long-standing bottlenecks, significantly reduce vessel turnaround time and cargo dwell time, and improve overall efficiency, transparency, and reliability.

This initiative is considered the largest port modernisation effort in nearly 50 years, aiming to reposition Nigeria as a key maritime hub in West and Central Africa. Faster cargo clearance and reduced logistics costs are anticipated to support businesses and boost economic growth.