Nigeria Secures £746m UK Deal in Most Ambitious Port Overhaul in Half a Century

In a defining moment for Nigeria’s maritime future, President Bola Ahmed Tinubu has witnessed the signing of a landmark £746 million financing agreement between UK Export Finance (UKEF) and the Nigerian Ports Authority, alongside the Federal Ministry of Finance — a deal that promises to breathe new life into two of Africa’s busiest but most beleaguered seaports.

The agreement will fund a comprehensive upgrade of the Lagos Port Complex at Apapa and the Tin Can Island Port Complex — facilities that together handle over 70 per cent of Nigeria’s import and export traffic, yet whose infrastructure has, for too long, struggled to keep pace with the demands of modern global trade.

The financing package marks the most ambitious modernisation of Nigeria’s seaport infrastructure in nearly 50 years — a sobering reminder of how long these vital arteries of commerce have been awaiting meaningful investment.

Backed by UK Export Finance, the project will introduce modern cargo-handling systems, expand port capacity, and deploy digital technologies aimed at replacing outdated manual processes that have long slowed down operations.

Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, captured the weight of the moment plainly: for decades, Apapa Port and Tin Can Island Port have borne the weight of national trade, yet their infrastructure has not kept pace with the scale and complexity of modern global shipping.
Beyond operational gains, the government views the project as a strategic move to position Nigeria as a leading maritime hub in West and Central Africa, attracting more vessel traffic and increasing investor confidence.

For ordinary Nigerians — traders, importers, and exporters who have long endured costly port delays — this agreement carries the quiet promise of a more efficient tomorrow.