Nigeria Secures £746 Million UK Deal to Modernize Lagos Ports

Lagos, Nigeria – Nigeria has secured a £746 million financing agreement with the United Kingdom to upgrade key seaports in Lagos, including Apapa and Tin Can Island ports, which handle more than 70% of the nation’s trade. The project, backed by UK Export Finance, aims to reduce congestion and modernize port operations through advanced systems.

Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, described the initiative as “transformative,” noting that the ports, originally built in 1913 and 1977, are struggling to meet the demands of modern global shipping. “This financing agreement marks a defining moment for Nigeria’s maritime sector,” Oyetola said. “We are not just upgrading our ports—we are transforming them to meet international standards.”

The modernization plan includes expanded cargo handling facilities, digitalized operations, and faster vessel turnaround. These improvements are expected to reduce dwell times, cut logistics costs, and minimize delays for businesses. Nigeria is positioning itself as a leading maritime hub in West and Central Africa.

President Bola Ahmed Tinubu formalized the agreement during his London visit from March 18–19. Bilateral trade between Nigeria and the UK currently stands at £8.1 billion annually. The upgraded ports are expected to enhance efficiency, transparency, and economic growth, while also strengthening Nigeria’s trade relationship with the UK.