Lagos, Nigeria – The Federal Government unveiled a £746 million financing agreement with the United Kingdom to modernise key seaports in Lagos. UK Export Finance backs upgrades at Apapa and Tin Can Island ports, handling over 70 percent of Nigeria’s trade. West Africa’s trade hub targets congestion relief through advanced systems.
Minister of Marine and Blue Economy Dr. Adegboyega Oyetola called it transformative. The ports, built in 1913 and 1977, face outdated infrastructure amid global shipping demands. The deal marks their first major overhaul in decades.
Okay News reports the minister’s vision. Oyetola said, “This financing agreement represents a defining moment for Nigeria’s maritime sector.” He added, “What we are set to do is not merely an upgrade, but a comprehensive transformation that will bring our ports into alignment with international best practice.”
Plans include expanded cargo handling, digital operations, and faster vessel turnaround. These cut dwell times, logistics costs, and delays for businesses. Nigeria aims as a West and Central Africa maritime leader.
President Bola Ahmed Tinubu signs formally during his March 18-19 London visit. Bilateral trade hits £8.1 billion yearly. The project boosts efficiency, transparency, and economic growth.
Modern ports ease import-export flows. Faster clearance aids manufacturers and consumers. Nigeria strengthens UK ties through infrastructure gains.
