Nigeria’s maritime sector is set for a major upgrade following a new agreement between Nigeria and the United Kingdom to secure a £746 million export finance package aimed at overhauling key port infrastructure in Lagos.
The funding, backed by UK Export Finance and arranged by Citibank, will support the rehabilitation and modernization of the Lagos Port Complex in Apapa and Tin Can Island Port. Together, these ports account for more than 70 percent of the country’s trade flows, making them central to Nigeria’s economy.
Described as the most significant port upgrade initiative in nearly five decades, the project will introduce modern cargo systems, automation, and digital solutions designed to ease congestion, improve efficiency, and bring operations in line with global standards.
The agreement was unveiled during the official visit of Bola Tinubu to London, where he held talks with Keir Starmer. The signing forms part of broader efforts to deepen economic ties between both countries.
Officials say the deal will also benefit British industry, with hundreds of millions of pounds in contracts expected for UK firms, including a major steel supply component. Beyond infrastructure, the initiative is projected to strengthen Nigeria’s position as a leading maritime hub in West and Central Africa while supporting trade expansion and long-term economic growth.
