Nigeria has secured a landmark £746 million financing agreement with the United Kingdom to modernise its seaport infrastructure, in a move set to transform the nation’s major maritime gateways and enhance global competitiveness.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed that the agreement—backed by UK Export Finance—will fund the comprehensive upgrade of the Lagos Port Complex Apapa and the Tincan Island Port Complex.

Together, both ports account for over 70 percent of Nigeria’s imports and exports, making them critical to the country’s maritime trade.

The agreement is scheduled to be formally signed during the state visit of President Bola Tinubu to London on March 18–19, 2026. The development underscores strengthening economic ties between Nigeria and the United Kingdom while marking a new phase in the country’s maritime sector development.

Describing the deal as a major turning point, Oyetola said the project represents the first large-scale overhaul of the ports since their establishment.

“This is not just an upgrade, but a complete transformation of Nigeria’s port infrastructure,” he said. “For decades, these ports have supported the bulk of our trade, yet they have not evolved in line with modern global shipping standards.”

He explained that the initiative aligns with the Federal Government’s broader strategy to unlock the economic potential of the marine and blue economy, while improving efficiency across Nigeria’s maritime operations.

The modernisation programme will introduce advanced cargo-handling systems, expanded capacity, and integrated digital technologies aimed at eliminating long-standing operational bottlenecks.

According to the minister, the reforms are expected to significantly reduce vessel turnaround time and cargo dwell time, replacing outdated manual processes with automated and digital systems.

“Improving port efficiency is vital to economic growth,” Oyetola noted. “These upgrades will accelerate cargo clearance, lower logistics and demurrage costs, and create a more transparent and reliable system for businesses.”

He added that the improved infrastructure would strengthen Nigeria’s position within regional and global shipping networks, attracting increased maritime traffic and reinforcing the country’s role as a key trade hub in West and Central Africa.

“Our goal is to build a modern, competitive port system that reflects Nigeria’s economic ambitions, boosts investor confidence, and supports long-term national development,” he said.

The Lagos Port Complex Apapa, established in 1913, remains Nigeria’s oldest and busiest seaport. The Tincan Island Port Complex was later developed to complement its operations and was officially commissioned in 1977.

Despite their importance, neither port has undergone a modernisation effort of this scale, making the initiative the most significant upgrade to Nigeria’s port infrastructure in nearly five decades.