{"id":126187,"date":"2026-03-17T20:37:34","date_gmt":"2026-03-17T19:37:34","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=126187"},"modified":"2026-03-17T20:37:34","modified_gmt":"2026-03-17T19:37:34","slug":"oyetola-secures-746m-uk-deal-for-port-overhaul","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/oyetola-secures-746m-uk-deal-for-port-overhaul\/","title":{"rendered":"Oyetola Secures \u00a3746m UK Deal for Port Overhaul"},"content":{"rendered":"
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By Godswill Michael<\/div>\n
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The Minister of Marine and Blue Economy, Adegboyega Oyetola, has secured a \u00a3746 million financing agreement with the United Kingdom to modernise Nigeria\u2019s two busiest seaports.<\/div>\n
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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\u2019s import and export traffic.<\/div>\n
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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.<\/div>\n
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In a statement issued Tuesday by his Special Adviser, Bolaji Akinola, Oyetola described the financing package as a defining moment for Nigeria\u2019s maritime sector, noting that it represents the first large-scale overhaul of the facilities since their establishment.<\/div>\n
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\u201cThis financing agreement represents a defining moment for Nigeria\u2019s maritime sector,\u201d the minister said. \u201cFor 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.\u201d<\/div>\n
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He added, \u201cWhat 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.\u201d<\/div>\n
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The Lagos Port Complex, established in 1913, remains Nigeria\u2019s 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.<\/div>\n
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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.<\/div>\n
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\u201cModern infrastructure supported by digitalised and automated processes will significantly enhance efficiency, transparency and operational reliability,\u201d he said. \u201cOur 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.\u201d<\/div>\n
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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.<\/div>\n
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\u201cEfficiency 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,\u201d he said.<\/div>\n
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The minister added that the overhaul would strengthen Nigeria\u2019s position in regional and global maritime trade, attract increased shipping traffic and boost revenue generation.<\/div>\n
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\u201cOur 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\u2019s maritime infrastructure is capable of supporting the nation\u2019s long-term economic ambitions,\u201d he said<\/div>\n<\/div>\n<\/div>\n