Nigeria Secures £746 Million UK-Backed Deal to Transform Key Seaports and Boost West African Trade Hub Ambitions

According to a report by Business Insider Africa, Nigeria has secured a £746 million financing agreement with the United Kingdom to modernise two of its most critical maritime gateways—the Lagos Port Complex and Tin Can Island Port—marking a major step toward strengthening its position in global trade.

The deal, backed by UK Export Finance, will fund a comprehensive overhaul of port infrastructure, including the deployment of modern cargo-handling equipment, expansion of capacity, and introduction of digital systems aimed at improving efficiency and transparency.

These two ports currently handle more than 70 percent of Nigeria’s imports and exports, making them central to the country’s logistics network and vital to trade flows across West and Central Africa.

The agreement is expected to be formally signed during President Bola Tinubu’s state visit to London, highlighting deepening economic cooperation between Nigeria and the United Kingdom.

Officials say the modernisation will address long-standing challenges such as congestion, ageing infrastructure, and slow cargo clearance processes that have increased logistics costs and reduced competitiveness.

With the planned upgrades, Nigeria aims to significantly reduce vessel turnaround times and cargo dwell periods, while positioning its ports as a leading maritime hub capable of attracting increased shipping traffic and investment across the region.

The project is also expected to enhance the country’s broader economic prospects by improving trade efficiency, boosting investor confidence, and strengthening Nigeria’s role in international supply chains.