KEY POINTS:
Nigeria secures £746 million financing from UK Export Finance for port modernisation
Apapa and Tin Can Island ports to undergo first major overhaul in nearly 50 years
Deal to be formalised during President Tinubu’s state visit to London
MAIN STORY:
The Federal Government has unveiled a £746 million financing agreement with the United Kingdom to modernise Nigeria’s seaport infrastructure, marking the most ambitious upgrade of the nation’s port system in nearly five decades.
Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed that the funding package will support the comprehensive rehabilitation of the Lagos Port Complex, Apapa, and the Tin Can Island Port Complex.
According to a statement issued by his Special Adviser, Bolaji Akinola, the project represents the first large-scale overhaul of the facilities since their establishment, targeting improved efficiency, capacity expansion, and enhanced competitiveness of Nigeria’s ports.
The financing arrangement, backed by UK Export Finance, underscores growing economic cooperation between Nigeria and the United Kingdom, particularly in critical infrastructure development.
The agreement is expected to be formally signed during the state visit of Bola Ahmed Tinubu to London on March 18 and 19, 2026.
THE ISSUES:
Nigeria’s ports, particularly Apapa and Tin Can Island, have long struggled with congestion, ageing infrastructure, and operational inefficiencies, contributing to high logistics costs and delays in cargo clearance. Stakeholders have consistently called for urgent modernisation to align the country’s maritime sector with global standards.
WHAT’S NEXT:
Following the formal signing in London, implementation is expected to commence with phased upgrades of key port facilities, including cargo handling systems, terminal infrastructure, and logistics support services.
Industry observers anticipate that the project will attract further foreign investment and improve Nigeria’s standing in global shipping and trade indices.
BOTTOM LINE:
The £746 million UK-backed financing deal marks a critical turning point in Nigeria’s maritime sector, with the potential to significantly boost trade efficiency, reduce port congestion, and strengthen the country’s economic competitiveness.
