President Bola Ahmed Tinubu on Thursday witnessed the signing of a £746 million financing agreement aimed at modernising two of Nigeria’s busiest seaports—Apapa and Tin Can Island—in Lagos.
The agreement was executed between Nigeria’s Ministry of Finance, led by Wale Edun, and global financial institution Citibank, marking a significant step toward upgrading the country’s maritime infrastructure.
The development was disclosed by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, in a post shared on his X account on Thursday.
The project is expected to address longstanding challenges affecting the Apapa and Tin Can Island ports, including congestion, outdated facilities, and inefficiencies that have hampered trade and increased the cost of doing business in Nigeria.
READ ALSO: FG Approves $1bn Lagos Port Upgrade Project
Industry stakeholders have consistently called for comprehensive reforms in the port sector, noting that improved infrastructure could significantly enhance cargo handling capacity, reduce turnaround time for vessels, and boost Nigeria’s competitiveness in regional and global trade.
The financing agreement is also seen as part of broader efforts by the Tinubu administration to attract investment into critical sectors and stimulate economic growth through infrastructure development.
Analysts say the modernisation of the Lagos ports could have far-reaching economic benefits, including increased revenue generation, job creation, and improved ease of doing business, particularly for importers and exporters who rely heavily on the facilities.
The signing of the deal underscores renewed collaboration between Nigeria and international financial institutions in addressing key infrastructure gaps and unlocking the country’s economic potential.