President Bola Tinubu has overseen the signing of a £746 million financing agreement in London aimed at overhauling key port infrastructure in Nigeria’s commercial hub.
The agreement, executed between Nigeria’s Ministry of Finance led by Wale Edun and Citi Bank, is expected to modernise the Apapa and Tin Can Island ports in Lagos.
The project is designed to address long-standing operational challenges at the ports, including congestion, inefficiencies in cargo handling, and delays in clearance processes.
Once implemented, officials say the upgrade will significantly enhance trade facilitation and strengthen Nigeria’s overall logistics network.
Apapa Port, formally known as the Lagos Port Complex, remains one of the country’s busiest maritime gateways, handling a large portion of imports and exports.
The nearby Tin Can Island Port serves as a critical support facility, helping to manage cargo overflow and sustain trade activities within the Apapa corridor.
Both facilities are central to Nigeria’s economy, contributing substantially to government revenue through customs duties and other charges, while also supporting thousands of businesses reliant on efficient port operations.
Despite their importance, the ports have faced persistent setbacks over the years, ranging from traffic gridlock around the port axis to outdated infrastructure and administrative bottlenecks.
These challenges have often slowed business activities and increased the cost of doing business.
The newly signed financing deal seeks to reverse this trend by introducing modern systems, improving port capacity, and streamlining operations to meet global standards.
The agreement was signed on the sidelines of Tinubu’s two-day state visit to the United Kingdom, where he has been engaging in high-level diplomatic and economic discussions.
During the visit, the President and First Lady Oluremi Tinubu were received with full ceremonial honours by King Charles III.
The British monarch also hosted a state banquet in their honour at Windsor Castle.
The port modernisation initiative is widely seen as a strategic move to boost Nigeria’s trade competitiveness, improve efficiency in cargo handling, and position the country as a stronger player in regional and global commerce.
