Nigeria has secured a £746 million financing deal with the United Kingdom aimed at overhauling its key seaport infrastructure, in a move expected to boost efficiency and strengthen the country’s position in global maritime trade.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed the agreement in a statement issued on Tuesday by his Special Adviser, Bolaji Akinola. The funding, backed by UK Export Finance, will support the comprehensive upgrade of the Lagos Port Complex Apapa and the Tin Can Island Port Complex.

Both facilities account for over 70 per cent of Nigeria’s import and export activities, making them critical to the country’s maritime trade network.

The agreement is scheduled to be formally signed during the state visit of Bola Tinubu to London on March 18 and 19, 2026, marking a significant step in deepening economic ties between Nigeria and the UK.

Oyetola described the deal as a turning point for Nigeria’s port infrastructure, noting that it represents the first major upgrade of the facilities since their establishment. According to him, the project aligns with the Federal Government’s strategy to unlock opportunities within the marine and blue economy while improving the competitiveness of the nation’s ports.

He explained that the initiative goes beyond basic rehabilitation, targeting a full-scale transformation that will bring Nigeria’s ports in line with international standards.

The minister also emphasised that the collaboration reflects a shared commitment between both countries to sustainable maritime development and stronger economic cooperation.

Under the programme, the ports will be equipped with modern cargo-handling systems, expanded capacity, and digital technologies designed to streamline operations and eliminate long-standing bottlenecks.

Oyetola said the reforms are expected to significantly cut vessel waiting times and reduce cargo dwell periods, as automated processes replace outdated manual systems.

He added that improved efficiency at the ports would lower logistics costs, enhance transparency, and accelerate cargo clearance, ultimately supporting business growth and increasing government revenue.

The minister further noted that the modernisation of the Apapa and Tin Can ports would reinforce Nigeria’s status as a key maritime hub in West and Central Africa, attracting more shipping traffic and boosting investor confidence.

According to him, the initiative is a crucial step toward building a modern port system capable of supporting Nigeria’s long-term economic ambitions.