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Te Federal Government of Nigeria secured a £746 million financing agreement with the United Kingdom for port modernisation.
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The deal covers upgrades to Lagos Port Complex, Apapa and Tin Can Island Port Complex, handling over 70% of Nigeria’s imports and exports.
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Funding comes via UK Export Finance (UKEF)
The Federal Government of Nigeria has reached a historic £746 million agreement with the United Kingdom to modernise Nigeria’s port infrastructure—its most ambitious upgrade in nearly 50 years.
The agreement, backed by UK Export Finance (UKEF), will fund extensive upgrades at the Lagos Port Complex, Apapa and Tin Can Island Port Complex, the nation’s two busiest ports. Together, they handle over 70% of Nigeria’s imports and exports.
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The financing agreement is expected to be formally signed during President Bola Tinubu’s state visit to London on March 18–19, 2026, marking a milestone in Nigeria-UK economic cooperation.
According to Dr. Adegboyega Oyetola, this modernisation represents the first comprehensive overhaul of these ports since their establishment.
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He emphasised that the project is not just an upgrade but a full-scale transformation aimed at aligning Nigeria’s ports with global best practices.
The programme will incorporate digitalised and automated systems, advanced cargo-handling infrastructure, and capacity expansion.
These enhancements are designed to reduce vessel turnaround times, eliminate operational bottlenecks, lower logistics costs, and stimulate economic growth.
Dr. Oyetola also highlighted the strategic significance: upgraded ports will strengthen Nigeria’s regional and global maritime position, attract higher shipping traffic, and enhance the country’s role as a trade gateway in West and Central Africa.
He added, “Our vision is to create a port system that mirrors the aspirations of a modern, globally competitive Nigeria—enhancing efficiency, deepening investor confidence, and supporting long-term economic growth.”
