Nigeria Secures £746M UK Deal for Port Modernization

The Federal Government of Nigeria unveiled a £746 million financing agreement with the United Kingdom aimed at modernizing the country's seaport infrastructure. This was disclosed by Bolaji Akinola, Special Adviser to the Minister of Marine and Blue Economy, Dr.

Adegboyega Oyetola. The investment targets major upgrades to the Apapa and Tin Island port complexes in Lagos, which account for 70% of Nigeria's import and export activities.

The financing arrangement will be provided by UK Export Finance (UKEF) and is set to fund a comprehensive upgrade of the Lagos port complex. Dr.

Oyetola described the deal as a transformative milestone for Nigeria's maritime sector, marking the first comprehensive overhaul of the ports, which have not kept pace with modern global shipping demands. The agreement is scheduled for formal signing during President Bola Ahmed Tinubu's state visit to London on March 18-19, 2026.

The Apapa port, established in 1913, is Nigeria's oldest and busiest seaport, while the Tin Island port was commissioned in 1977.