Nigeria has secured a £746 million financing agreement with the United Kingdom Export Finance (UKEF) that will deliver the most ambitious modernisation of Nigeria’s seaport infrastructure in nearly half a century, transforming the country’s principal maritime gateways and repositioning its port system for global competitiveness.
The fund was facilitated by the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, according to the minister’s Special Adviser, Mr Bolaji Akinola.
The historic financing arrangement, secured with the backing of UKEF, will fund the comprehensive modernisation and upgrade of the Lagos Port Complex Apapa, popularly known as Apapa Port, and the Tin Can Island Port Complex in Lagos.
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.
He noted that 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, signalling a deepening of strategic economic cooperation between Nigeria and the United Kingdom while opening a new chapter in Nigeria’s maritime development.
According to Mr Akinola, the minister described the financing package as a transformative milestone for the country’s port system, noting that the scale and scope of the modernisation project mark the first comprehensive overhaul of the facilities since their establishment.
“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 Tin Can Island Port Complex was later developed to complement Apapa and was officially commissioned on 14 October 1977.
“Despite their strategic importance, neither facility has experienced a modernisation programme of this magnitude, making the initiative the most significant port upgrade undertaken by the Federal Government in almost fifty years.”
Mr Oyetola stressed 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. For decades, Apapa Port and Tin Can Island Port have borne the weight of our 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 align our ports with international best practice.
“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. 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.”
He said that the modernisation programme will introduce advanced cargo-handling infrastructure, expanded port capacity and integrated digital systems designed to eliminate many of the operational bottlenecks that have historically slowed cargo movement through Nigeria’s busiest ports.
Mr Oyetola also noted that once completed, the reforms will fundamentally reshape the operational landscape of Nigeria’s maritime gateways. Vessel turnaround times are expected to decline significantly, while cargo dwell times within the ports will be sharply reduced as automated systems replace paper-based procedures and outdated manual processes.