Nigeria Secures £746M UK Financing to Modernize Lagos Ports – Boost for Trade and Economy
Nigeria has secured a £746 million financing agreement with the United Kingdom to modernize its key Lagos ports, the Apapa and Tin Can Island port complexes. Adegboyega Oyetola, the Minister of Marine and Blue Economy, announced on Tuesday that the deal, backed by UK Export Finance (UKEF), will be formally signed on March 18–19 at Windsor Castle, where President Bola Tinubu will meet King Charles III.
The Lagos Port Complex at Apapa, established in 1913, remains Nigeria’s oldest and busiest seaport, handling a significant portion of the nation’s imports and exports. Tin Can Island Port, commissioned in 1977, complements Apapa. Together, these ports manage over 70 percent of Nigeria’s cargo trade, yet decades of limited modernization have caused revenue losses as large vessels increasingly dock at regional ports.
Oyetola emphasized that the project is more than a standard upgrade. “This is a comprehensive transformation that will align our ports with international best practices,” he said. The modernization will introduce digitalized and automated systems, improving operational efficiency, transparency, and reliability for Nigeria’s maritime sector.
The Lagos port modernization plan had previously received a federal budget allocation of N1.4 billion in October 2025, with ITB Nigeria, a construction firm owned by businessman Gilbert Chagoury, reportedly awarded the contract. While project timelines remain undisclosed, the initiative is expected to accelerate import and export clearance, reduce demurrage and logistics costs, and make cargo movements more predictable.
Officials believe that the upgraded infrastructure will play a critical role in stimulating economic growth. “Efficiency at the ports is central to the health of the national economy,” Oyetola said. “These improvements will not only ease trade but also generate increased revenue for national development, benefiting businesses and consumers across Nigeria.”
source: Business day