The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has disclosed that the federal government and the Unite Kingdom, K government have reached a £746 million deal for the modernization of two major seaports in the country.
The funding arrangement from His Majesty Government, according to a statement issued by the Minister’s Spokesperson, Bolaji Akinola, will be used for the face-lift of Apapa and Tin Can seaports in Lagos.
The deal, according to the statement will be signed during President Bola Ahmed Tinubu’s state visit to the UK. Tinubu arrived the European country on Tuesday with other top federal government officials, ahead of the visit expected to kick off today, Wednesday, March 18, 2026.
According to the minister, the two ports handle more than 70 percent of the nation’s export and import, saying the funding was secured through the UK Export Finance.
He stressed that the deal signals “a deepening of strategic economic cooperation between Nigeria and the United Kingdom while opening a new chapter in Nigeria’s maritime development” adding that the modernisation is the first since the establishment of the two seaports many years ago.
Oyetola described the financing package as a transformative milestone for the country’s port system.
He added that the scale and scope of the modernisation project mark the first comprehensive overhaul of the facilities since their establishment.
The minister explained that the project forms a central pillar of the Federal Government’s broader agenda to unlock the vast economic potential of Nigeria’s marine and blue economy while restoring efficiency and global competitiveness to the country’s maritime infrastructure.
“This financing agreement represents a defining moment for Nigeria’s maritime sector,” the minister said.
He added that for decades, Apapa Port and Tincan Island Port have borne the weight of national trade, “yet their infrastructure has not kept pace with the scale and complexity of modern global shipping. 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.”
Oyetola noted that the partnership with the United Kingdom reflects a shared commitment to strengthening economic cooperation and advancing sustainable maritime development.
“Through this historic collaboration with the United Kingdom, we are laying the groundwork for a new era in the management and operation of Nigerian ports,” he said.
“Modern infrastructure supported by digitalised and automated processes will significantly enhance efficiency, transparency, and operational reliability. Our objective is clear: to create a port system that is modern, competitive, and capable of serving as a strategic maritime hub for West and Central Africa.”
The minister said the modernisation programme will introduce advanced cargo-handling infrastructure, expanded port capacity, and integrated digital systems designed to eliminate many of the operational bottlenecks that have historically slowed cargo movement through Nigeria’s busiest ports.
Oyetola highlighted that, once completed, the reforms will fundamentally reshape the operational landscape of Nigeria’s maritime gateways. He mentioned that vessel turnaround times are expected to decline significantly, while cargo dwell times within the ports will be sharply reduced as automated systems replace paper-based procedures and outdated manual processes.
“Efficiency at the ports is central to the health of the national economy. By modernising our infrastructure and embracing digital technologies, we will enable faster clearance of imports and exports, reduce demurrage and logistics costs for businesses, and ensure a more predictable and transparent cargo movement system.
“These improvements will not only ease trade but will also stimulate economic growth and generate increased revenue for national development,” Oyetola said.
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