Oyetola Unveils £746m UK Deal For Nigeria’s Port Upgrade

Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has unveiled a landmark £746 million financing agreement with the United Kingdom that will deliver the most ambitious modernisation of Nigeria’s seaport infrastructure in nearly half a century, transforming the country’s principal maritime gateways and repositioning its port system for global competitiveness.

The 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.

Together, 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.

In a statement issued on Tuesday by his special adviser, Dr. Bolaji Akinola, the minister described the financing package as a transformative milestone for the country’s port system, noting that the scale and scope of the modernisation project mark the first comprehensive overhaul of the facilities since their establishment.

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.

According to Dr. Oyetola, the project forms a central pillar of the Federal Government’s broader agenda to unlock the vast economic potential of Nigeria’s marine and blue economy while restoring efficiency and global competitiveness to the country’s maritime infrastructure.

“This financing agreement represents a defining moment for Nigeria’s maritime sector,” the minister said, noting that “For decades, Apapa Port and Tin Can Island Port have borne the weight of our national trade, yet their infrastructure has not kept pace with the scale and complexity of modern global shipping. What we are set to do is not merely an upgrade, but a comprehensive transformation that will bring our ports into alignment with international best practice.”

He emphasised that the partnership with the United Kingdom reflects a shared commitment to strengthening economic cooperation and advancing sustainable maritime development.