Nigeria Secures £746M for Major Port Modernization

The Federal Government of Nigeria has announced a landmark £746 million financing agreement with the United Kingdom aimed at modernizing the country's port infrastructure, specifically the Apapa Port and Tin Island Port Complex in Lagos. This initiative is set to transform Nigeria's principal maritime gateways, which have not seen significant upgrades in nearly half a century.

The financing agreement will be formally signed during President Bola Ahmed Tinubu's state visit to London on March 18-19, 2026, and is expected to deepen strategic economic cooperation between Nigeria and the UK. Dr. Bolaji Akinola, the Minister of Marine and Blue Economy, and Dr. Adegboyega Oyetola emphasized that this comprehensive modernization project will enhance operational efficiency and align Nigeria's ports with international best practices.

The agreement represents a pivotal moment for Nigeria's maritime sector, aiming to restore global competitiveness and unlock the economic potential of the marine blue economy.