Nigeria secures £746m UK deal to modernise ports

The Minister of Marine and Blue Economic system, Dr Adegboyega Oyetola, has unveiled a landmark £746m financing settlement with the UK that can ship the modernisation of Nigeria’s seaport infrastructure, remodeling the nation’s principal maritime gateways and repositioning its port system for international competitiveness.

This was contained in a Tuesday assertion by the Particular Adviser to the Minister, Dr Bolaji Akinola. Based on the assertion, the historic financing association, secured with the backing of UK Export Finance, will fund the excellent modernisation and improve of the Lagos Port Complicated Apapa, popularly referred to as Apapa Port, and the Tincan Island Port Complicated in Lagos.

“Collectively, the 2 ports deal with greater than 70 per cent of Nigeria’s imports and exports and function the central arteries of the nation’s maritime commerce.

The landmark financing settlement can be formally signed throughout the high-profile state go to of President Bola Tinubu to London on March 18 and 19, 2026, signalling a deepening of strategic financial cooperation between Nigeria and the UK whereas opening a brand new chapter in Nigeria’s maritime growth,” the assertion learn partly.

Oyetola described the financing package deal as a transformative milestone for the nation’s port system.

He famous that the size and scope of the modernisation challenge mark the primary complete overhaul of the amenities since their institution.

The minister defined that the challenge kinds a central pillar of the Federal Authorities’s broader agenda to unlock the huge financial potential of Nigeria’s marine and blue economic system whereas restoring effectivity and international competitiveness to the nation’s maritime infrastructure.

“This financing settlement represents a defining second for Nigeria’s maritime sector,” the minister stated.

He added that for many years, Apapa Port and Tincan Island Port have borne the burden of nationwide commerce, “but their infrastructure has not stored tempo with the size and complexity of contemporary international delivery. What we’re set to do shouldn’t be merely an improve, however a complete transformation that can deliver our ports into alignment with worldwide greatest apply.”

Oyetola emphasised that the partnership with the UK displays a shared dedication to strengthening financial cooperation and advancing sustainable maritime growth.

“By this historic collaboration with the UK, we’re laying the groundwork for a brand new period within the administration and operation of Nigerian ports,” he stated.

“Trendy infrastructure supported by digitalised and automatic processes will considerably improve effectivity, transparency, and operational reliability. Our goal is obvious: to create a port system that’s fashionable, aggressive, and able to serving as a strategic maritime hub for West and Central Africa.”

The minister stated the modernisation programme will introduce superior cargo-handling infrastructure, expanded port capability, and built-in digital programs designed to eradicate lots of the operational bottlenecks which have traditionally slowed cargo motion by Nigeria’s busiest ports.

Oyetola highlighted that, as soon as accomplished, the reforms will essentially reshape the operational panorama of Nigeria’s maritime gateways. He talked about that vessel turnaround instances are anticipated to say no considerably, whereas cargo dwell instances inside the ports can be sharply lowered as automated programs exchange paper-based procedures and outdated handbook processes.

“Effectivity on the ports is central to the well being of the nationwide economic system. By modernising our infrastructure and embracing digital applied sciences, we are going to allow sooner clearance of imports and exports, scale back demurrage and logistics prices for companies, and guarantee a extra predictable and clear cargo motion system.

“These enhancements won’t solely ease commerce however may also stimulate financial progress and generate elevated income for nationwide growth,” Oyetola stated.

The Osun State former governor harassed that the transformation of the 2 port complexes will strengthen Nigeria’s strategic place inside regional and international maritime networks, attracting larger delivery visitors and reinforcing the nation as an important gateway for commerce throughout West and Central Africa.

“Our imaginative and prescient is to construct a port system that displays the aspirations of a contemporary and globally aggressive Nigeria. The modernisation of Apapa and Tincan Island ports is a daring and vital step in that course. It’ll improve the effectivity of our logistics chain, deepen investor confidence, and be certain that Nigeria’s maritime infrastructure is able to supporting the nation’s long-term financial ambitions,” Oyetola added.

The Lagos Port Complicated Apapa, established in 1913, has for greater than a century remained Nigeria’s oldest and busiest seaport, serving because the gateway for an enormous proportion of the nation’s imports and exports. The Tincan Island Port Complicated was later developed to enrich Apapa and was formally commissioned on 14 October 1977.

Regardless of their strategic significance, neither facility has skilled a modernisation programme of this magnitude, making the initiative probably the most vital port improve undertaken by the Federal Authorities in virtually fifty years.