Inside the €746M Nigeria–UK Port Modernisation Pact

Nigeria and the United Kingdom have signed a €746 million port modernisation agreement aimed at upgrading key maritime facilities and boosting trade efficiency across West Africa.

The deal, reached during high-level talks in London, will finance the rehabilitation of major ports, including Apapa and Tin Can Island, with new cargo-handling equipment, digital tracking systems and improved security infrastructure. Officials say the project will reduce congestion and cut the cost of doing business in Nigeria.

Government sources said the agreement also includes technical support from British engineering firms and export credit financing designed to help Nigeria repay the loan over a long period. The modernisation programme is expected to be completed in phases over the next five years.

Minister of Marine and Blue Economy Adegboyega Oyetola described the pact as a turning point for Nigeria’s maritime sector. He said outdated facilities have slowed trade for decades and discouraged investors, adding that modern ports are essential for economic growth.

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British officials said the partnership reflects growing economic cooperation between both countries, especially in infrastructure and trade. They noted that improved Nigerian ports will benefit regional commerce and strengthen supply chains linking Africa and Europe.

Industry operators welcomed the development, saying delays at Nigerian ports have increased shipping costs and forced many importers to divert cargo to neighbouring countries. They expressed hope that modern equipment and digital clearance systems will speed up cargo processing.

Economists believe the agreement could raise government revenue by improving customs collection and attracting more shipping traffic. They also say efficient ports will support local manufacturing by making raw materials easier to import and finished goods easier to export.

The project forms part of broader efforts by the Federal Government to modernise transport infrastructure and position Nigeria as a major logistics hub in Africa.