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Nigeria has signed a £746 million financing agreement with the UK to modernize Nigeria’s port infrastructure.
This was announced on Tuesday in a statement by the Minister of Maritime Affairs and Blue Economy, Dr Adegboyega Oyetola, noting, that the agreement is to fund the comprehensive modernization and upgrade of the Lagos Apapa Port Complex, known as Apapa Harbor, 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 support from UK Export Finance.
“Together, these two ports handle more than 70 percent of Nigeria’s imports and exports and serve as the main arteries of the country’s maritime trade.
“This important financing agreement will be formally signed during President Bola Tinubu’s landmark state visit to London on 18 and 19 March 2026, part of the statement read.
Oyetola described this financing package as a transformative milestone for the country’s port system.
He noted that the scale and scope of the modernization project marks the first complete overhaul of the facility since its founding.
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The Minister explained that the project is a key pillar of the Federal Government’s broader agenda to unlock Nigeria’s vast maritime and blue economy potential while restoring efficiency and global competitiveness to the country’s maritime infrastructure.
“This financing agreement represents a watershed moment for Nigeria’s maritime sector,” the minister said.
He added that for decades, Apapa Port and Tincan Island Port have borne the brunt of national trade, “but their infrastructure has not kept pace with the scale and complexity of modern global shipping. What we will undertake is not just an upgrade, but a comprehensive transformation that will align our ports with international best practices.”
Oyetola stressed that the partnership with the UK reflects a shared commitment to strengthening economic cooperation and advancing sustainable maritime development.
“Through this historic collaboration with the UK, we are laying the foundations for a new era in the management and operation of Nigerian ports,” he said.
“Modern infrastructure supported by digital and automated processes will significantly increase operational efficiency, transparency and reliability. Our goal 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 Apapa Port Complex, founded in 1913, has for more than a century remained Nigeria’s oldest and busiest port, serving as the gateway for much of the country’s imports and exports. The Tincan Island Harbor Complex was later developed to complement Apapa and was officially commissioned on 14 October 1977.
