The federal government has announced that the upgrade of Lagos’ Apapa and Tin Can Island ports will begin in the second quarter of 2026 and is expected to be completed within 48 months.
On March 19, Nigeria and the United Kingdom signed a £746 million export finance agreement to support the redevelopment of the two major ports. Under the deal, UK Export Finance (UKEF) will guarantee loans for refurbishing the Apapa and Tin Can Island port complexes. As part of the agreement, British Steel will supply 120,000 tonnes of steel for the project under a £70 million contract. Additionally, at least 20 percent of project components must be sourced from the UK, generating an estimated £236 million in supplier contracts for British companies.
Bolaji Akinola, special adviser to the minister of marine and blue economy, told Channels Television that work is expected to start in the next quarter. “Now that the financing has been secured with Citibank and UK Export Finance, I am optimistic that construction will commence soon,” he said. “Once it begins, the project is expected to be completed within 48 months.”
The upgrade will include dredging port channels to accommodate larger vessels. Currently, the maximum draft at Lagos ports is about 13 metres, but this will be increased to at least 16 metres, allowing vessels carrying between 10,000 and 20,000 TEUs to berth at the ports.
Boma Alabi, chairman of the Shipping Association of Nigeria (SAN), expressed optimism about the project, noting that Apapa and Tin Can ports have not been upgraded in over 15 years despite growing trade and population. “Because our infrastructure has not kept pace, our neighbours who upgraded their ports are reaping the benefits,” she said.
Finance Minister Wale Edun added that the deals align with Nigeria’s focus on infrastructure, energy, and industrial development. He noted that strong bilateral partnerships will help attract large-scale investment, boost economic activity, create jobs, and reduce poverty in line with the administration’s ‘renewed hope’ agenda.
