The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has unveiled a landmark £746m financing agreement with the United Kingdom that will deliver the modernisation of Nigeria’s seaport infrastructure, transforming the country’s principal maritime gateways and repositioning its port system for global competitiveness.
This was contained in a Tuesday statement by the Special Adviser to the Minister, Dr Bolaji Akinola. According to the statement, the historic financing arrangement, secured with the backing of UK Export Finance, will fund the comprehensive modernisation and upgrade of the Lagos Port Complex Apapa, popularly known as Apapa Port, and the Tincan 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 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,” the statement read in part.
Oyetola described the financing package as a transformative milestone for the country’s port system.
He noted that the scale and scope of the modernisation project mark the first comprehensive overhaul of the facilities since their establishment.
The minister explained that 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.
