Nigeria Set for Biggest Port Upgrade as FG Unveils £746m Deal 

Oluchi Chibuzzor

The federal government has unveiled a landmark £746 million financing agreement with the United Kingdom that will 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), will 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 handle more than 70 per cent of Nigeria’s imports and exports, and serve as the central arteries of the nation’s maritime trade.

The landmark financing agreement will be formally signed during the state visit of President Bola Ahmed Tinubu to London on March 18 and 19, 2026, signalling a deepening of strategic economic cooperation between Nigeria and the United Kingdom while opening a new chapter in Nigeria’s maritime development.

In a statement issued by his Special Adviser, Dr. Bolaji Akinola, the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola,  described the financing package as a transformative milestone for the country’s port system, noting that the scale and scope of the modernisation project mark the first comprehensive overhaul of the facilities since their establishment.

According to Oyetola, the project forms a central pillar of the federal government’s broader agenda to unlock the vast economic potential of Nigeria’s marine and blue economy while restoring efficiency and global competitiveness to the country’s maritime infrastructure.

“This financing agreement represents a defining moment for Nigeria’s maritime sector,” the minister said. “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.”

He emphasised that the partnership with the United Kingdom reflects a shared commitment to strengthening economic cooperation and advancing sustainable maritime development.

“Through this historic collaboration with the United Kingdom, we are laying the groundwork for a new era in the management and operation of Nigerian ports,” Oyetola said. “Modern infrastructure supported by digitalised and automated processes will significantly enhance efficiency, transparency and operational reliability. Our objective is clear: to create a port system that is modern, competitive and capable of serving as a strategic maritime hub for West and Central Africa.”