Lagos’s main ports get their first major upgrade in nearly 50 years
A £746 million UK-backed loan will modernise Apapa and Tin Can Island, which handle most of Nigeria’s trade.
Key points
- Nigeria and the UK signed a £746 million financing deal during President Tinubu’s state visit to London on 18–19 March 2026 to modernise two Lagos ports.
- The Apapa and Tin Can Island port complexes handle more than 70% of Nigeria’s imports and exports; it is their first major upgrade in nearly half a century.
- The loan is backed by UK Export Finance and arranged by Citibank; British Steel will supply 120,000 tonnes of steel.
Nigeria's two main ports are getting their first major upgrade in nearly half a century. A £746 million financing deal to modernise the Lagos Port Complex (Apapa) and the Tin Can Island Port Complex was signed during President Bola Tinubu's state visit to London on 18 and 19 March 2026.
Why these ports matter
Together, Apapa and Tin Can Island handle more than 70% of Nigeria's imports and exports. Congestion, ageing equipment and long delays at the two ports have long raised costs for Nigerian businesses and consumers.
The deal
- The loan is backed by UK Export Finance through its buyer credit facility and arranged by Citibank.
- At least 20% of the project's components must come from the UK. British Steel will supply 120,000 tonnes of steel under a contract worth about £70 million.
- The deal is expected to generate about £236 million in contracts for British suppliers.
Why it matters
Faster, more efficient ports would cut the cost of moving goods in and out of Africa's most populous country. Combined with new export opportunities and continental trade under the AfCFTA, better ports could help Nigerian businesses compete.
Sources
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