Nigeria Secures £746M UK Deal for Port Modernization

Nigeria has entered into a landmark £746 million financing agreement with the United Kingdom to modernize its port infrastructure, specifically targeting the Apapa and Tin Can Island ports in Lagos. This financing, secured through UK Export Finance, will fund a comprehensive upgrade of the ports, which currently handle 70% of Nigeria's import and export activities.

The formal signing of this agreement is scheduled to occur during a high-profile state visit by President Bola Tinubu to London on March 18-19, 2026. Dr.

Adegboyega Oyetola, the Minister of Marine and Blue Economy, emphasized that this project represents a significant overhaul of Nigeria's maritime infrastructure, aiming to restore efficiency and global competitiveness. The modernization will introduce advanced cargo handling systems, expand port capacity, and integrate digital technologies to eliminate operational bottlenecks.

The expected outcomes include reduced vessel turnaround times and cargo dwell times, ultimately stimulating economic growth and increasing national revenue.