March 19, (THEWILL) — The Federal Government of Nigeria has signed a £746 million financing agreement with the United Kingdom to overhaul key port infrastructure in Lagos, as President Bola Ahmed Tinubu continues his investment drive during an official visit to London.
The agreement, signed in London between the Federal Ministry of Finance led by Wale Edun and UK-backed partners, will fund the modernisation of Apapa Port and Tin Can Island Port—Nigeria’s busiest seaports.
The financing, supported by UK Export Finance and arranged by Citibank, is aimed at addressing long-standing infrastructure deficits and improving efficiency at the country’s key maritime gateways.
President Tinubu witnessed the signing as part of high-level engagements to deepen economic cooperation and attract foreign capital into Nigeria’s infrastructure sector.
According to the Federal Government, the project represents the most significant upgrade of the Lagos port complexes in nearly five decades, targeting facilities that handle more than 70 per cent of Nigeria’s imports and exports.
Speaking on the development, the Minister of Marine and Blue Economy, Adegboyega Oyetola, described the agreement as transformative.
“This financing agreement represents a defining moment for Nigeria’s maritime sector. 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.”
He added that the initiative would significantly improve operational performance across the ports.
“Modern infrastructure supported by digitalised and automated processes will significantly enhance efficiency, transparency and operational reliability. Our objective is to create a port system that is modern, competitive and capable of serving as a strategic maritime hub for West and Central Africa.”
Officials said the modernisation programme would introduce advanced cargo-handling equipment, expand port capacity, and deploy integrated digital systems designed to eliminate bottlenecks that have historically slowed cargo movement.
The reforms are expected to reduce vessel turnaround time, cut logistics costs, and improve the predictability of cargo clearance, thereby enhancing Nigeria’s competitiveness in global trade.
On the UK side, the agreement underscores growing bilateral cooperation, with the financing structure expected to support British export participation and deepen commercial ties between both countries.
President Tinubu’s visit to the United Kingdom has been marked by a series of investment-focused engagements across key sectors, reinforcing efforts to attract long-term capital and drive economic growth. The £746 million deal is widely regarded as one of the key economic outcomes of the visit, signalling renewed investor confidence in Nigeria’s infrastructure reform agenda.
The port modernisation project is expected to be implemented in phases, with stakeholders expressing optimism that it will unlock new economic opportunities and strengthen Nigeria’s trade infrastructure.
With Nigeria’s seaports under increasing pressure from growing trade volumes, stakeholders believe the project will play a critical role in enhancing port efficiency and boosting economic growth. They noted that the planned upgrade of the Lagos ports will help cut logistics costs, ease supply chain constraints and improve the ease of doing business in the country.
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