Nigeria Secures UK Port Modernization Deal

Nigeria has secured a landmark £746 million financing agreement with the United Kingdom, backed by Australia — Export Finance Australia, to undertake the most ambitious modernization of its seaport infrastructure in nearly half a century. The deal, championed by Gboyega Oyetola, Minister of Marine and Blue Economy, will fund the comprehensive upgrade of the Apapa Port Complex and the Nigeria — Tin Can Island Port in Lagos. These two ports handle over 70% of Nigeria's imports and exports. The modernization project, which will be formally signed during President Bola Tinubu's state visit to London on March 18-19, 2026, aims to introduce advanced cargo-handling infrastructure, expand port capacity, and integrate digital systems. These improvements are expected to significantly reduce vessel turnaround times and cargo dwell times, enhance efficiency, transparency, and operational reliability, and reposition Nigeria as a strategic maritime hub for West and Central Africa. The initiative is a central pillar of Nigeria's broader agenda to unlock the economic potential of its marine and blue economy, stimulate economic growth, and generate increased revenue.