FG secures £746m UK investment for port overhaul

The Federal Government has secured a £746 million investment from the United Kingdom for a landmark revamp of its ports. The deal, which is aimed at modernizing the country’s maritime infrastructure, is expected to transform Nigeria’s principal ports into world-class facilities. Our Correspondent learnt that the investment will focus on upgrading the Lagos Port Complex […]

The Federal Government has secured a £746 million investment from the United Kingdom for a landmark revamp of its ports.
The deal, which is aimed at modernizing the country’s maritime infrastructure, is expected to transform Nigeria’s principal ports into world-class facilities.
Our Correspondent learnt that the investment will focus on upgrading the Lagos Port Complex Apapa and the Tin Can Island Port Complex in Lagos, which handle over 70 percent of the nation’s imports and exports.
The modernization project will involve the installation of modern cargo handling equipment, the construction of new berths, and the dredging of the ports to accommodate larger vessels.
The upgrade will significantly reduce vessel turnaround times and cargo dwell times, making the ports more efficient and competitive.
The project is also expected to create thousands of jobs, both during the construction phase and in the long term, as the ports become more attractive to international shipping lines and investors.
Dr. Bolaji Akinola, Special Adviser to the Minister of Marine and Blue Economy, who confirmed the deal in a statement he issued on Tuesday, stated that the Minister, Dr. Adegboyega Oyetola, on behalf of the federal government, personally midwifed the investment.
Akinola stated that the landmark £746 million financing agreement which the federal government entered into, with the United Kingdom, is expected to deliver the most ambitious modernisation of Nigeria’s seaport infrastructure in nearly half a century, and that it is also expected to transform the country’s principal maritime gateways and repositioning its port system for global competitiveness.
According to him, 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.
He added that altogether, 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 high-profile 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,” he added.
The Lagos Port Complex Apapa, established in 1913, has for more than a century remained Nigeria’s oldest and busiest seaport, serving as the gateway for a vast proportion of the nation’s imports and exports.
The Tin Can Island Port Complex was later developed to complement Apapa and was officially commissioned on 14 October 1977. Despite their strategic importance, neither facility has experienced a modernisation programme of this magnitude, making the initiative the most significant port upgrade undertaken by the Federal Government in almost fifty years.