Nigeria Secures £746M for Apapa and Tin Can Ports Rehab

During President Bola Ahmed Tinubu's state visit to the United Kingdom, a memorandum of understanding was signed with the British government for a £746 million investment aimed at rehabilitating the Apapa and Tin Can Ports. These ports, which have been neglected for decades, are critical as they handle 70% of Nigeria's import and export activities.

The rehabilitation will address chronic congestion and cumbersome cargo clearance processes that have plagued these ports, leading to high demurrage fees and inefficiencies in the business community. The project will digitize operations, improve logistics, and enhance Nigeria's competitiveness in international trade, particularly within the African Continental Free Trade Area (AfCFTA).

The rehabilitation is expected to create thousands of jobs and significantly boost Nigeria's non-oil revenue. The project will be executed over a period of 48 months, with a focus on modernizing port facilities to accommodate larger vessels and streamline cargo handling.