Nigeria Secures £746 Million for Port Upgrades

Nigeria has secured £746 million for the modernization of the Apapa and Tin Can Island Ports, as announced by Dr. Adegboyega Oyetola, the Minister of Marine and Blue Economy, during the Blue Economy Investment Summit held on Thursday in Abuja. This project is expected to significantly enhance the capacity and competitiveness of the ports.

The summit, themed "Shift Gear: Head Frontier Maritime Economy," highlighted the importance of maritime resources, which are valued at $3 trillion annually. Dr. Oyetola noted that the agency's revenue has improved since he assumed office in 2023, with projections to rise from ₦700 billion to approximately ₦1.83 trillion by the end of 2025.

The initiative is part of a broader strategy to attract investment and strengthen the financial ecosystem within the maritime sector. Additionally, Delta State Governor Sheriff Oborevwori announced the formation of two committees to support blue economy policies at the state level.