Nigeria and the UK have finalized a £746 million ($946 million) export finance deal, backed by UK Export Finance (UKEF) and coordinated by Citibank, to redevelop the Apapa and Tin Can Island port complexes in Lagos. Announced during a meeting between President Bola Tinubu and Prime Minister Keir Starmer in London on March 19, 2026, this landmark investment will modernize critical infrastructure, reduce congestion, and significantly increase Nigeria’s export capabilities
The deal facilitates the comprehensive rehabilitation and modernization of the two busiest ports in Nigeria—Apapa and Tin Can Island—which manage over 70% of the nation’s import and export traffic.
The project seeks to upgrade antiquated infrastructure, introduce modern digital cargo-handling systems, reduce severe congestion, and lower trade costs.
This is considered the most significant overhaul of Nigeria’s port infrastructure in over 50 years, aimed at boosting the non-oil sector and improving economic efficiency
The agreement marks a key milestone in strengthening bilateral economic relations between Nigeria and the United Kingdom
