By Chimezie Godfrey
Nigeria has secured a massive £746 million deal with the United Kingdom to overhaul its major seaports in Lagos, marking the biggest port upgrade in almost five decades.
Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, who unveiled the deal, said the project would transform the Apapa and Tin Can Island ports into modern, efficient hubs capable of competing globally.
The agreement, backed by UK Export Finance (UKEF), will be signed during President Bola Ahmed Tinubu’s state visit to London on March 18 and 19, 2026.
Apapa Port and Tin Can Island Port currently handle over 70 per cent of Nigeria’s imports and exports, but have long been plagued by congestion, delays and outdated infrastructure.
Oyetola said the new deal would change the narrative.
“For decades, these ports have carried the burden of Nigeria’s trade without matching infrastructure. This project will completely transform them,” he said.
According to him, the modernisation will introduce cutting-edge cargo handling equipment, expand port capacity and deploy digital systems to speed up operations.
Industry stakeholders have often lamented delays in cargo clearance, high demurrage charges and inefficiencies at Nigerian ports.
Oyetola assured that the upgrade would drastically reduce vessel waiting time and cargo dwell time.
“Faster cargo clearance means lower costs for businesses and improved efficiency across the board,” he stated.
He added that the initiative would boost Nigeria’s economy, attract investors and strengthen the country’s position as a key maritime hub in West and Central Africa.
The minister also described the partnership with the United Kingdom as a major step in deepening economic cooperation between both countries