£746m UK-Backed Deal to Transform Apapa, Tin Can Ports in Biggest Upgrade in 50 Years

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has unveiled a landmark £746 million financing agreement with the United Kingdom to modernise Nigeria’s busiest seaports, marking the most extensive upgrade of the nation’s port infrastructure in nearly five decades.
The deal, supported by UK Export Finance, will fund a comprehensive overhaul of the Lagos Port Complex and the Tin Can Island Port Complex—facilities that together handle over 70 per cent of Nigeria’s maritime trade.
The agreement is scheduled to be formally signed during the state visit of President Bola Ahmed Tinubu to London on March 18–19, 2026, underscoring deepening economic ties between Nigeria and the United Kingdom.
In a statement issued by his Special Adviser, Dr. Bolaji Akinola, Oyetola described the financing package as a transformative milestone, noting that it represents the first large-scale modernisation of both ports since their establishment.
Commissioned in 1913, the Lagos Port Complex in Apapa remains Nigeria’s oldest and busiest seaport, while Tin Can Island Port, inaugurated in 1977, was developed to complement its operations. Despite their strategic importance, both facilities have long operated below modern global standards due to decades of limited upgrades.
Oyetola said the initiative aligns with the Federal Government’s broader strategy to unlock the potential of the marine and blue economy while restoring efficiency and global competitiveness to Nigeria’s port system.
“This is not just an upgrade, but a complete transformation,” the minister stated. “We are bringing our ports in line with international best practices through modern infrastructure, automation and digitalisation.”
The modernisation programme will introduce advanced cargo-handling equipment, expand port capacity and deploy integrated digital systems aimed at eliminating longstanding bottlenecks in cargo movement.
According to the minister, the reforms are expected to significantly reduce vessel turnaround time and cargo dwell time, while improving transparency and operational efficiency.
He added that faster cargo clearance and reduced logistics costs will ease trade, boost investor confidence and increase revenue generation for national development.
Oyetola further noted that the upgrade will reposition Nigeria as a major maritime hub in West and Central Africa by attracting increased shipping traffic and strengthening its role in regional and global trade networks.
“Our goal is to build a port system that reflects the ambitions of a modern Nigeria,” he said. “This project will enhance our logistics chain and ensure our maritime infrastructure supports long-term economic growth.”