Nigeria is set to embark on its most ambitious seaport modernisation in nearly five decades following a landmark £746 million financing agreement between the Federal Government and the United Kingdom aimed at transforming the country’s busiest maritime gateways.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced that the funding package—backed by UK Export Finance—will support the comprehensive upgrade of the Lagos Port Complex and the Tin Can Island Port Complex, both located in Lagos.
Together, the two ports handle more than 70 per cent of Nigeria’s import and export traffic and serve as the backbone of the country’s maritime trade system.
The financing agreement is expected to be formally signed during the state visit of President Bola Ahmed Tinubu to the United Kingdom on March 18 and 19, 2026, marking a significant milestone in economic cooperation between both countries and opening a new chapter in Nigeria’s maritime development.
In a statement issued by his Special Adviser, Dr. Bolaji Akinola, Oyetola described the deal as a transformative step toward repositioning Nigeria’s ports to compete effectively in the global shipping industry.
The Lagos Port Complex in Apapa, established in 1913, remains Nigeria’s oldest and busiest seaport, serving as the main gateway for the nation’s imports and exports. The Tin Can Island Port Complex was later developed to complement Apapa and was officially commissioned on October 14, 1977. Despite their strategic importance, neither facility has undergone a comprehensive modernisation programme of this scale since their establishment.
According to the minister, the project forms a critical component of the Federal Government’s broader plan to unlock the economic potential of Nigeria’s marine and blue economy while restoring efficiency to the country’s port infrastructure.
“This financing agreement represents a defining moment for Nigeria’s maritime sector,” Oyetola said. “For decades, Apapa and Tin Can ports have carried the burden of our national trade, yet their infrastructure has not kept pace with the demands of modern global shipping.”
He explained that the modernisation programme would introduce advanced cargo-handling equipment, expanded operational capacity and integrated digital systems designed to eliminate long-standing bottlenecks in port operations.
The minister added that automation and digitalisation would replace outdated manual processes, leading to faster cargo clearance, reduced congestion and improved transportation
Once completed, the reforms are expected to significantly reduce vessel turnaround time and cargo dwell time at Nigeria’s busiest ports, while lowering logistics costs for businesses and improving the overall efficiency of the country’s trade ecosystem.
Oyetola noted that the partnership with the United Kingdom reflects a shared commitment to strengthening economic cooperation and advancing sustainable maritime development.
“With modern infrastructure and digitalised operations, Nigeria will be better positioned to build a port system that is efficient, transparent and globally competitive,” he said.
He added that the upgrade would ultimately position Nigeria as a strategic maritime hub for West and Central Africa while boosting government revenue and supporting broader national economic growth.
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