FG SECURES £746M UK DEAL TO MODERNISE APAPA, TINCAN PORTS
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By Aishat Momoh. O.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has unveiled a £746 million financing agreement with the United Kingdom to modernise Nigeria’s seaport infrastructure, in a move aimed at boosting efficiency and global competitiveness.
This was disclosed in a statement issued on Tuesday by the minister’s Special Adviser, Bolaji Akinola.
According to the statement, the funding—secured with the backing of UK Export Finance—will support the comprehensive upgrade of the Lagos Port Complex Apapa and the Tincan Island Port Complex.
The two ports currently handle over 70 per cent of Nigeria’s imports and exports, serving as critical hubs for the country’s maritime trade.
The agreement is expected to be formally signed during the state visit of Bola Tinubu to London on March 18 and 19, 2026, marking a significant step in strengthening economic ties between Nigeria and the United Kingdom.
Describing the deal as a turning point, Oyetola said the initiative would go beyond routine upgrades to deliver a full-scale transformation of the ports.
“For decades, Apapa Port and Tincan Island Port have borne the weight of national trade, yet their infrastructure has not kept pace with the scale and complexity of modern global shipping,” he said.
The minister explained that the modernisation programme would introduce advanced cargo-handling equipment, expand port capacity, and deploy integrated digital systems to address longstanding operational bottlenecks.
He noted that the reforms are expected to significantly reduce vessel turnaround time and cargo dwell time, while improving transparency and efficiency through automation and reduced reliance on manual processes.
“Efficiency at the ports is central to the health of the national economy. These improvements will ease trade, reduce logistics costs, and enhance revenue generation,” Oyetola added.
The minister further stated that the initiative would strengthen Nigeria’s position as a key maritime hub in West and Central Africa, attracting increased shipping traffic and boosting investor confidence.
The Lagos Port Complex Apapa, established in 1913, remains Nigeria’s oldest and busiest seaport, while the Tincan Island Port Complex, commissioned in 1977, was developed to complement its operations.
Despite their strategic importance, both facilities have not undergone a major upgrade of this scale in decades, making the project one of the most significant port modernisation efforts undertaken by the Federal Government in nearly 50 years.
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