The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has announced a £746 million financing deal with the United Kingdom to upgrade Nigeria’s seaports. The project will modernize key maritime gateways and position the country’s ports to compete globally.
Dr Bolaji Akinola, Special Adviser to the Minister, shared this in a statement. He explained that the funding, supported by UK Export Finance, will be used to upgrade the Lagos Port Complex in Apapa and the Tincan Island Port Complex.
He noted that the two ports handle over 70 per cent of Nigeria’s imports and exports and remain central to the country’s maritime trade network.
The agreement will be formally signed during President Bola Tinubu’s visit to London on March 18 and 19, 2026. The visit highlights stronger economic ties between Nigeria and the United Kingdom and signals a new phase in Nigeria’s maritime development.
Oyetola described the deal as a major step forward for Nigeria’s port system.
He said the project represents the first full-scale upgrade of the ports since they were built.
The minister explained that the initiative supports the government’s plan to unlock the potential of the marine and blue economy while improving efficiency and competitiveness in the maritime sector.
He called the agreement a defining moment for Nigeria’s maritime industry.
Oyetola pointed out that Apapa and Tincan ports have carried the burden of national trade for years, yet their infrastructure has not kept up with modern shipping demands. He said the goal is to deliver a complete transformation that meets global standards.
He added that the partnership with the United Kingdom shows a shared commitment to stronger economic ties and sustainable maritime growth.
Oyetola said the collaboration will help build a new approach to managing Nigerian ports. He noted that modern infrastructure and digital systems will improve efficiency, transparency, and reliability, with the aim of making Nigeria a key maritime hub in West and Central Africa.
He explained that the project will introduce better cargo-handling systems, expand capacity, and deploy digital tools to remove long-standing bottlenecks.
He added that the upgrades will change how the ports operate. Ships will spend less time waiting, and cargo will move faster as automated systems replace manual processes.
Oyetola stressed that efficient ports are vital to the economy. He said the improvements will speed up trade, reduce costs for businesses, and create a more predictable cargo system.
He added that these changes will support economic growth and increase government revenue.
The former Osun State governor said the upgrades will strengthen Nigeria’s role in regional and global trade, attract more shipping traffic, and reinforce its position as a key gateway for West and Central Africa.
He said the goal is to build a port system that reflects a modern and competitive Nigeria. He noted that upgrading Apapa and Tincan ports will improve logistics, boost investor confidence, and support long-term economic growth.
The Lagos Port Complex in Apapa, built in 1913, remains Nigeria’s oldest and busiest port and handles a large share of the country’s trade. The Tincan Island Port Complex was later developed to support it and began operations on October 14, 1977.
Despite their importance, neither port has seen an upgrade of this scale before. This makes the project the most significant port modernization effort by the Federal Government in nearly fifty years.
source: punchng.com
African Maritime Council