The Federal Government has signed a £746 million financing agreement with the United Kingdom to modernise Nigeria’s seaport infrastructure, targeting the Lagos Port Complex, Apapa, and Tin Can Island Port. The announcement was made by Bolaji Akinola, Special Adviser to the Minister of Marine and Blue Economy.
The Minister Adegboyega Oyetola described the deal as a transformative milestone for the country’s maritime sector. The modernisation programme will introduce advanced cargo-handling systems, expand port capacity, and digitalise operations to reduce vessel turnaround and cargo dwell time.
The two Lagos ports account for over 70% of Nigeria’s imports and exports. The reforms are expected to boost efficiency, transparency, and reliability, while reducing logistics costs and supporting economic growth. The agreement is set to be formally signed during President Bola Tinubu’s state visit to London on March 18 and 19, 2026.
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This marks the largest port modernisation effort in nearly 50 years and is part of efforts to position Nigeria as a key maritime hub in West and Central Africa. The deal also highlights growing economic ties between Nigeria and the United Kingdom, with bilateral trade now estimated at around £8.1 billion annually.
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