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By Godswill Michael
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has secured a £746 million financing agreement with the United Kingdom to modernise Nigeria’s two busiest seaports.
The deal, backed by UK Export Finance, will fund the comprehensive rehabilitation of the Lagos Port Complex in Apapa and the Tin Can Island Port Complex. Both ports account for more than 70 per cent of Nigeria’s import and export traffic.
The agreement is expected to be formally signed during the state visit of President Bola Ahmed Tinubu to London on March 18 and 19, 2026, underscoring growing economic cooperation between Nigeria and the United Kingdom.
In a statement issued Tuesday by his Special Adviser, Bolaji Akinola, Oyetola described the financing package as a defining moment for Nigeria’s maritime sector, noting that it represents the first large-scale overhaul of the facilities since their establishment.
“This financing agreement represents a defining moment for Nigeria’s maritime sector,” the minister said. “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.”
He added, “What we are set to do is not merely an upgrade, but a comprehensive transformation that will bring our ports into alignment with international best practice.”
The Lagos Port Complex, established in 1913, remains Nigeria’s oldest and busiest seaport, while Tin Can Island Port, commissioned in 1977, was developed to complement its operations. Both facilities have long struggled with congestion, ageing infrastructure and operational inefficiencies.
Oyetola said the modernisation programme will introduce advanced cargo-handling infrastructure, expand port capacity and deploy integrated digital systems aimed at eliminating bottlenecks that slow cargo movement.
“Modern infrastructure supported by digitalised and automated processes will significantly enhance efficiency, transparency and operational reliability,” he said. “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 noted that the reforms are expected to reduce vessel turnaround time and cargo dwell time significantly, while lowering logistics and demurrage costs for businesses.
“Efficiency at the ports is central to the health of the national economy. By modernising our infrastructure and embracing digital technologies, we will enable faster clearance of imports and exports, reduce demurrage and logistics costs for businesses, and ensure a more predictable and transparent cargo movement system,” he said.
The minister added that the overhaul would strengthen Nigeria’s position in regional and global maritime trade, attract increased shipping traffic and boost revenue generation.
“Our vision is to build a port system that reflects the aspirations of a modern and globally competitive Nigeria. It will enhance the efficiency of our logistics chain, deepen investor confidence and ensure that Nigeria’s maritime infrastructure is capable of supporting the nation’s long-term economic ambitions,” he said