Nigeria lands £746m agreement with UK to revamp its ports over the next five decades

The Federal Government has secured a landmark £746 million financing agreement with the United Kingdom to deliver the most ambitious modernisation of Nigeria’s seaport infrastructure in nearly 50 years, a move backed by UK Export Finance (UKEF).

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This historic deal will fund the comprehensive upgrade of the Lagos Port Complex Apapa and Tin Can Island Port Complex, the nation’s two busiest ports, which together handle more than 70 per cent of Nigeria’s imports and exports.

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The financing agreement is scheduled to be formally signed during President Bola Tinubu’s state visit to London on March 18–19, 2026, marking a deepening of economic cooperation between Nigeria and the UK while opening a new chapter in the country’s maritime development.

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According to the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, the arrangement is a transformative milestone for Nigeria’s port system, noting that the modernisation represents the first comprehensive overhaul of Apapa and Tin Can Island ports since their establishment.

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Dr. Oyetola described the current state of Apapa Port and Tin Can Island Port, saying they have long borne the weight of the national trade, yet their infrastructure has lagged behind modern global shipping, and this upgrade will be a full-scale transformation to align the ports with international best practices.

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The minister highlighted that the partnership with the UK reflects a shared commitment to advancing sustainable maritime development, with modern infrastructure, supported by digitalised and automated systems, set to enhance efficiency, transparency, and operational reliability.

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Dr. Oyetola stated that the goal is to build a port system that is modern, competitive, and capable of serving as a strategic maritime hub for West and Central Africa, through the introduction of advanced cargo-handling infrastructure, expanded port capacity, and integrated digital systems.

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The modernisation programme aims to eliminate operational bottlenecks that have long slowed cargo movement, and once completed, vessel turnaround times and cargo dwell times will be sharply reduced, with automated processes replacing paper-based procedures.

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Dr. Oyetola noted that efficiency at the ports is central to the health of the national economy, and by modernising the infrastructure, the government will accelerate import and export clearance, reduce logistics costs, stimulate economic growth, and generate increased revenue for national development.

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The transformation of the two port complexes is expected to strengthen Nigeria’s strategic position in regional and global maritime networks, attract greater shipping traffic, and reinforce the country as a vital gateway for trade across West and Central Africa.

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Dr. Oyetola concluded that the vision is to build a port system that reflects the aspirations of a modern, globally competitive Nigeria, and this initiative is a bold and necessary step to enhance efficiency, deepen investor confidence, and ensure the maritime infrastructure supports long-term economic ambitions.