London – March 19, 2026
President Bola Ahmed Tinubu on Thursday witnessed the signing of a £746 million financing agreement aimed at modernising Nigeria’s key maritime gateways—Apapa and Tin Can Island ports in Lagos.
The agreement was signed between Nigeria’s Ministry of Finance, led by Wale Edun, and Citibank, marking a major step in the federal government’s efforts to upgrade critical infrastructure and enhance trade efficiency.
The financing is expected to support comprehensive upgrades at the Apapa and Tin Can Island ports, including improved cargo handling systems, expanded capacity, and modern logistics infrastructure to reduce congestion and turnaround time.
Officials say the initiative aligns with the administration’s broader economic reform agenda focused on boosting non-oil revenue, facilitating ease of doing business, and strengthening Nigeria’s position as a leading trade hub in West Africa.
The President described the agreement as a strategic milestone that will unlock economic opportunities, improve port operations, and attract greater investment into the country’s maritime sector.
The port modernisation project is also expected to significantly ease long-standing bottlenecks in Lagos ports, which have historically impacted supply chains and increased the cost of imports and exports.
Analysts note that successful implementation of the project could enhance Nigeria’s competitiveness in regional and global trade while supporting long-term economic growth.
