Nigeria and the United Kingdom have signed a £746 million export finance agreement to support the long-awaited redevelopment of two of the country’s busiest seaports, Apapa and Tin Can Island, in Lagos, in a move officials say could modernise maritime trade infrastructure and strengthen Nigeria’s role as a regional shipping hub. The deal, signed on March 19 during President Bola Tinubu’s visit to London, will be backed by UK Export Finance, with Citibank coordinating and arranging the loan under UKEF’s Buyer Credit Facility.
The financing will go toward refurbishing the Lagos Port Complex, also known as Apapa Quays, and the Tin Can Island Port Complex, two facilities that handle a large share of Nigeria’s seaborne trade. British officials said the agreement is expected to generate about £236 million in supplier contracts for UK companies because at least 20% of the project content must be sourced from Britain. A major component of that is a £70 million contract under which British Steel will supply 120,000 tonnes of steel for the works, described by the UK government as a record-breaking export order for the company.
Speaking on Channels Television, Bolaji Akinola, special adviser to the minister of marine and blue economy, said the project is expected to move into the construction phase in the next quarter now that the financing package has been concluded. He said work should begin in the second quarter of 2026 and is projected to be completed within 48 months, setting the stage for a major overhaul of port facilities that have long been criticised for congestion, ageing infrastructure and operational inefficiencies.
The deal is being presented by both governments as more than an infrastructure upgrade. For Nigeria, it is part of a broader effort to expand trade capacity and modernise critical logistics assets in a country seeking to position itself as the leading maritime gateway for West and Central Africa. For the UK, it delivers a substantial export opportunity at a time when the government is trying to support domestic industry, including its struggling steel sector. Reuters reported that the agreement was announced alongside Britain’s wider push to revive manufacturing and deepen commercial ties with key partners.
If implemented on schedule, the redevelopment of Apapa and Tin Can Island could mark one of the most significant upgrades to Nigeria’s port infrastructure in decades. Attention will now shift from the signing ceremony to execution, including how quickly construction begins and whether the project can deliver lasting improvements in cargo handling, efficiency and trade competitiveness.
