Joyce Mmereole Okoli
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has announced a groundbreaking £746 million financing agreement with the Government of the United Kingdom, marking the most ambitious upgrade of Nigeria’s seaport infrastructure in nearly half a century.
The historic deal, backed by UK Export Finance will finance the full modernisation of the Lagos Port Complex Apapa and the Tincan Island Port Complex, two facilities that collectively handle more than 70% of the nation’s maritime trade and serve as the heartbeat of Nigeria’s import and export operations.
The agreement will be formally signed during the state visit of Bola Ahmed Tinubu to London on March 18–19, 2026, an important signal of deepening economic cooperation between Nigeria and the UK, and a defining moment for the future of the country’s maritime sector.
In a statement issued by his Special Adviser, Dr. Bolaji Akinola, the Minister described the financing package as a “transformative milestone”, noting that this will be the first comprehensive overhaul of the two ports since their establishment.
He recalled that Apapa Port, commissioned in 1913, remains Nigeria’s oldest and busiest gateway, while Tincan Island Port, commissioned in 1977 to ease pressure on Apapa, has not witnessed a modernisation initiative of this scale in nearly 50 years.
Dr. Oyetola said the project is a central component of the Federal Government’s vision to unlock the vast potential of Nigeria’s marine and blue economy and restore global competitiveness to its maritime infrastructure.
“This financing agreement represents a defining moment for Nigeria’s maritime sector. For decades, Apapa and Tincan ports have carried the weight of our national trade, yet their infrastructure has not kept pace with global shipping demands. What we are embarking on is not just an upgrade, but a complete transformation aligned with international best practice,” he said.
He added that the partnership with the UK underscores a shared commitment to advancing sustainable maritime development and strengthening economic ties.
“Through this historic collaboration, we are laying the foundation for a new era in Nigerian port operations, one driven by modern infrastructure, digitalisation, automation and unmatched efficiency,” Oyetola noted.
The modernisation programme will introduce state-of-the-art cargo-handling systems, expanded terminal capacity, and advanced digital platforms designed to eliminate long-standing bottlenecks that slow cargo movement and inflate logistics costs.
Upon completion, the reforms are expected to significantly cut vessel turnaround time, reduce cargo dwell time and replace cumbersome paper-based procedures with seamless automated systems.
“Efficiency at our ports is directly tied to the performance of our national economy. With this overhaul, we will accelerate cargo clearance, reduce demurrage, enhance transparency and improve the ease of doing business. These improvements will stimulate economic growth and generate higher revenues for national development, ” the Minister added.
Dr. Oyetola affirmed that the transformation of the Apapa and Tin Can port complexes will strengthen Nigeria’s strategic position within regional and global maritime networks, attract greater shipping traffic and secure the country’s role as a key gateway for trade across West and Central Africa.
“Our goal is to build a modern, competitive and future-ready port system, one that reflects the aspirations of a progressive Nigeria and supports our long-term economic ambitions,” he said.