The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has unveiled a landmark £746m financing agreement with the United Kingdom that will deliver the modernisation of Nigeria’s seaport infrastructure, transforming the country’s principal maritime gateways and repositioning its port system for global competitiveness.

This was contained in a Tuesday statement by the Special Adviser to the Minister, Dr Bolaji Akinola. According to the statement, the historic financing arrangement, secured with the backing of UK Export Finance, will fund the comprehensive modernisation and upgrade of the Lagos Port Complex Apapa, popularly known as Apapa Port, and the Tincan Island Port Complex in Lagos.

“Together, the two ports handle more than 70 per cent of Nigeria’s imports and exports and serve as the central arteries of the nation’s maritime trade.

The landmark financing agreement will be formally signed during the high-profile state visit of President Bola Tinubu to London on March 18 and 19, 2026, signalling a deepening of strategic economic cooperation between Nigeria and the United Kingdom while opening a new chapter in Nigeria’s maritime development,” the statement read in part.

Oyetola described the financing package as a transformative milestone for the country’s port system.

He noted 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 emphasised 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.

The Osun State former governor stressed that the transformation of the two port complexes will strengthen Nigeria’s strategic position within regional and global maritime networks, attracting greater shipping traffic and reinforcing the country as a vital gateway for trade across West and Central Africa.

“Our vision is to build a port system that reflects the aspirations of a modern and globally competitive Nigeria. The modernisation of Apapa and Tincan Island ports is a bold and necessary step in that direction. It will enhance the efficiency of our logistics chain, deepen investor confidence, and ensure that Nigeria’s maritime infrastructure is capable of supporting the nation’s long-term economic ambitions,” Oyetola added.

The Lagos Port Complex Apapa, established in 1913, has for more than a century remained Nigeria’s oldest and busiest seaport, serving as the gateway for a vast proportion of the nation’s imports and exports. The Tincan Island Port Complex was later developed to complement Apapa and was officially commissioned on 14 October 1977.

Despite their strategic importance, neither facility has experienced a modernisation programme of this magnitude, making the initiative the most significant port upgrade undertaken by the Federal Government in almost fifty years.