Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has secured a £746 million financing agreement with the United Kingdom to overhaul the country’s key seaports.
The deal, backed by UK Export Finance, will fund a comprehensive upgrade of the Apapa Port and Tin Can Island Port in Lagos—facilities that handle more than 70 per cent of Nigeria’s imports and exports.
According to a statement by the minister’s adviser, Bolaji Akinola, the agreement is set to be formally signed during President Bola Tinubu’s state visit to London on March 18–19, 2026.
Oyetola described the initiative as a major turning point for Nigeria’s maritime sector, noting that it represents the first large-scale modernisation of both ports in nearly 50 years. The Apapa Port, established in 1913, remains the country’s oldest and busiest seaport, while Tin Can Island Port was commissioned in 1977 to support its operations.
He said the project will introduce advanced cargo-handling systems, expand port capacity and deploy digital technologies aimed at improving efficiency and transparency. The reforms are also expected to reduce vessel turnaround time and cargo delays by replacing manual processes with automated systems.
The minister added that the upgrade is central to the Federal Government’s plan to strengthen Nigeria’s marine and blue economy, positioning the country as a leading maritime hub in West and Central Africa.
