The Federal Government has announced a landmark £746 million financing agreement with the United Kingdom, backed by UK Export Finance (UKEF), to deliver the most comprehensive modernisation of Nigeria’s seaport infrastructure in nearly 50 years.
Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, described the deal as a transformative milestone that will reposition Nigeria’s maritime sector for global competitiveness. In a statement issued by his Special Adviser, Bolaji Akinola, the Minister highlighted that the agreement marks the first major overhaul of key facilities since their establishment.
The funding will support extensive upgrades to the Lagos Port Complex Apapa (Apapa Port) and the Tin Can Island Port Complex Nigeria’s two busiest ports, which together handle over 70 per cent of the country’s imports and exports. The project aims to enhance efficiency, infrastructure, and capacity at these critical gateways.
The historic financing package is set to be formally signed during President Bola Ahmed Tinubu’s high-profile two-day state visit to the United Kingdom on March 18 and 19, 2026. Hosted by King Charles III at Windsor Castle, the visit, the first by a Nigerian leader in 37 years will include bilateral engagements with UK Prime Minister Keir Starmer and underscore deepening economic and strategic ties between the two nations.
This agreement aligns with broader efforts to boost Nigeria’s blue economy, improve trade facilitation, and attract further international investment into maritime infrastructure. The modernisation is expected to reduce congestion, enhance safety, and drive economic growth by modernising operations at these vital ports.
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