FG Unveils Historic UK Port Deal
March 18, 2026, Abuja, Nigeria
The Federal Government has unveiled a landmark £746 million financing agreement with the United Kingdom aimed at delivering one of the most ambitious modernisations of Nigeria’s seaport infrastructure in nearly five decades.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this in a statement issued by his Special Adviser, Bolaji Akinola, describing the deal as a transformative milestone for the nation’s maritime sector.
According to the Minister, the financing package—backed by UK Export Finance—will fund the comprehensive upgrade of key port infrastructure, including the Lagos Port Complex Apapa and the Tin Can Island Port Complex.
He noted that the scale and scope of the project represent the first major overhaul of these facilities since their establishment, positioning Nigeria to significantly improve port efficiency, trade capacity, and global competitiveness.
The agreement is expected to be formally signed during the state visit of Bola Ahmed Tinubu to London on March 18 and 19, 2026. The visit is seen as a significant step in strengthening strategic economic ties between Nigeria and the United Kingdom.
The Federal Government stated that the initiative will not only modernise critical port infrastructure but also enhance trade facilitation, reduce congestion, and support long-term economic growth.
The development marks a new chapter in Nigeria’s maritime sector, reinforcing the government’s commitment to revitalising key economic assets and attracting international investment.