The Federal Ministry of Marine and Blue Economy has announced a landmark £746 million financing agreement with the United Kingdom to deliver the most extensive upgrade of Nigeria’s seaport infrastructure in nearly 50 years.
Minister of Marine and Blue Economy, Adegboyega Oyetola, said the deal backed by UK Export Finance will fund the comprehensive modernisation of the Lagos Port Complex Apapa and the Tin Can Island Port Complex, which together handle over 70 per cent of the country’s imports and exports.
The agreement is scheduled to be formally signed during the state visit of President Bola Tinubu to London on March 18 and 19, signalling stronger economic ties between Nigeria and the UK.
Describing the initiative as a turning point, Oyetola said the project represents the first large-scale overhaul of the two ports since their establishment.
“For decades, Apapa Port and Tin Can Island Port have carried the bulk of Nigeria’s trade without infrastructure that matches modern shipping demands. What we are undertaking is not just an upgrade, but a complete transformation aligned with global best practices”, he said.
The Lagos Port Complex Apapa, established in 1913, remains Nigeria’s oldest and busiest port, while the Tin Can Island Port Complex, commissioned in 1977, was developed to support its operations. Despite their strategic importance, both facilities have long suffered from congestion, outdated infrastructure, and operational inefficiencies.
According to the Minister, the modernisation programme will introduce advanced cargo-handling equipment, expand capacity, and deploy integrated digital systems aimed at eliminating longstanding bottlenecks.
He noted that the reforms are expected to significantly reduce vessel turnaround time and cargo dwell time, while improving transparency and efficiency through automation and streamlined processes.
“Efficiency at the ports is central to the health of the national economy. These upgrades will lower logistics costs, reduce delays, and create a more predictable cargo movement system that supports trade and economic growth”, Oyetola added.
He further said the project is a key component of the federal government’s strategy to unlock the potential of Nigeria’s marine and blue economy, positioning the country as a leading maritime hub in West and Central Africa.
He added that the improved infrastructure and operations would attract increased shipping traffic, boost investor confidence, and strengthen Nigeria’s competitiveness in global maritime trade.
The ministry said the transformation of the two Lagos port complexes marks a bold step toward building a modern, efficient, and globally competitive port system capable of supporting Nigeria’s long-term economic ambitions.