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The Federal Government has secured a £746 million financing agreement with the United Kingdom to modernise Nigeria’s two busiest seaports, marking the most extensive upgrade of the country’s port infrastructure in nearly five decades.
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola CON, disclosed that the facility backed by UK Export Finance will fund the comprehensive rehabilitation of the Lagos Port Complex, Apapa, and the Tin Can Island Port Complex.
Both ports, located in Lagos, account for more than 70 percent of Nigeria’s import and export cargo, making them central to the country’s maritime trade and logistics network.
According to the Minister, the agreement is scheduled for formal signing during the state visit of President Bola Ahmed Tinubu to London on March 18 and 19, signalling deepening economic ties between Nigeria and the United Kingdom.
Oyetola described the deal as a “defining moment” for Nigeria’s maritime sector, noting that it represents the first comprehensive overhaul of the facilities since their establishment.
The Lagos Port Complex, commissioned in 1913, remains Nigeria’s oldest and busiest seaport, while the Tin Can Island Port, inaugurated in 1977, was developed to ease pressure on Apapa. Despite their strategic importance, both ports have operated for decades without major modernisation.
His words: “This is not just an upgrade, but a transformation. Our ports have carried the burden of growing trade for decades without matching infrastructure. This project will align them with global standards.”
He explained that the modernisation programme will introduce advanced cargo-handling equipment, expand port capacity and deploy integrated digital systems to improve efficiency and transparency.
The reforms are expected to significantly reduce vessel turnaround time and cargo dwell time, long identified as major bottlenecks in Nigeria’s port system.
“Efficient ports are critical to economic growth. By modernising infrastructure and adopting digital processes, we will speed up cargo clearance, reduce logistics costs and improve the ease of doing business,” the Minister posited.
Industry stakeholders have consistently cited congestion, manual processes and ageing infrastructure as key challenges affecting Nigeria’s competitiveness in global shipping.
Oyetola noted that the project aligns with the Federal Government’s broader strategy to unlock the potential of the marine and blue economy, while positioning Nigeria as a major maritime hub in West and Central Africa.
He added that the initiative would enhance investor confidence, attract increased shipping traffic and strengthen Nigeria’s role in regional trade.
The Minister also emphasised that the partnership reflects a shared commitment between Nigeria and the United Kingdom to promote sustainable infrastructure development and economic cooperation.
With the planned upgrade of Apapa and Tin Can ports, the government aims to create a more efficient, transparent and globally competitive port system capable of supporting Nigeria’s long-term economic ambitions.
