Nigeria has entered into a £746m financing agreement with the United Kingdom for the modernisation of Nigeria’s seaport infrastructure.
This was made known on Tuesday in a statement by Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, noting, that the deal is to fund the comprehensive modernisation and upgrade of the Lagos Port Complex Apapa, popularly known as Apapa Port, and the Tincan Island Port Complex in Lagos.
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.
“Together, 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.
“The landmark financing agreement will be formally signed during the high-profile state visit of President Bola Tinubu to London on March 18 and 19, 2026, the statement read in part.
Oyetola described the financing package as a transformative milestone for the country’s port system.
He noted that the scale and scope of the modernisation project mark the first comprehensive overhaul of the facilities since their establishment.
The minister explained that 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 while restoring efficiency and global competitiveness to the country’s maritime infrastructure.
“This financing agreement represents a defining moment for Nigeria’s maritime sector,” the minister said.
He added that for decades, Apapa Port and Tincan Island Port have borne the weight of national trade, “yet their 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 emphasised that the partnership with the United Kingdom reflects a shared commitment to strengthening economic cooperation and advancing sustainable maritime development.
“Through this historic collaboration with the United Kingdom, we are laying the groundwork for a new era in the management and operation of Nigerian ports,” he said.
“Modern infrastructure supported by digitalised and automated processes will significantly enhance efficiency, transparency, and operational reliability. Our objective is clear: to create a port system that is modern, competitive, and capable of serving as a strategic maritime hub for West and Central Africa.”
The Lagos Port Complex Apapa, established in 1913, has for more than a century remained Nigeria’s oldest and busiest seaport, serving as the gateway for a vast proportion of the nation’s imports and exports. The Tincan Island Port Complex was later developed to complement Apapa and was officially commissioned on 14 October 1977.
