The Ministry of Marine and Blue Economy, has secured a £746 million deal with the United Kingdom to modernise Apapa Port and Tin Can Island Port.
Backed by UK Export Finance, the project marks the first major port upgrade in nearly 50 years and targets improved efficiency, capacity, and global competitiveness.
The agreement, signed during President Bola Ahmed Tinubu’s London visit, aims to transform Nigeria’s key maritime hubs, which handles over 70% of trade, through modern infrastructure and digital systems.
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Dr. Oyetola noted that once completed, the reforms will fundamentally reshape the operational landscape of Nigeria’s maritime gateways.
“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.”
The Minister added 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 Tin Can 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 Tin Can 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.