The Minister of Marine and Blue Economy, Adegboyega Oyetola, is set to unveiled a landmark £746 million financing agreement with the United Kingdom.
The agreement would deliver the most ambitious modernisation of Nigeria’s seaport infrastructure in nearly half a century transforming the country’s principal maritime gateways and repositioning its port system for global competitiveness.
The historic financing arrangement, secured with the backing of UK Export Finance (UKEF) would fund the comprehensive modernisation and upgrade of the Lagos Port Complex Apapa, popularly known as Apapa Port, and the Tin Can Island Port Complex in Lagos.
Together, the two ports, Oyetola revealed that more than 70 per cent of Nigeria’s imports and exports, and serve as the central arteries of the nation’s maritime trade.
The Special Adviser on Media and Communication, Bolaji Akinola, in a statement issued Tuesday said the agreement would be formally signed during the state visit of President Bola Tinubu to London on March 18 and 19, 2026.
Oyetola described the financing package as a transformative milestone for the country’s port system.
He said the scale and scope of the modernisation project marked the first comprehensive overhaul of the facilities since their establishment.
He noted: “This financing agreement represents a defining moment for Nigeria’s maritime sector.
“For 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.
“What 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.”