By Ikugbadi Oluwasegun
Adegboyega Oyetola, Minister of Marine and Blue Economy, has unveiled a landmark 746 million pounds financing agreement with the United Kingdom that will deliver the most ambitious modernisation of Nigeria’s seaport infrastructure in nearly half a century.
This was disclosed In a statement issusd by Bolaji Akinola, Special Adviser to the Minister of Marine and Blue Economy, who described the financing package as a transformative milestone for the country’s port system, noting that the scale and scope of the modernisation project marks the first comprehensive overhaul of the facilities since their establishment.
The historic financing arrangement, secured with the backing of UK Export Finance (UKEF), will fund the comprehensive modernisation and upgrade of the Lagos Port Complex Apapa, popularly known as Apapa Port, and the Tin Can Island Port Complex in Lagos.
The landmark financing agreement, the Minister stated will be formally signed during the high-profile state visit of President Bola Ahmed 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.
