FG secures £746m to modernize Apapa, Tin Can ports

The federal government has secured £746 million in funding to upgrade key maritime infrastructure at Apapa Port and Tin Can Island Port, in a move aimed at boosting trade efficiency and port competitiveness.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced the development at the opening of the Blue Economy Investment Summit 2026 in Abuja, describing the project as a major step toward repositioning Nigeria’s maritime sector.

According to Oyetola, the planned modernisation will enhance operational capacity at both ports, which serve as critical gateways for Nigeria’s imports and exports.

He noted that improving infrastructure and efficiency at the ports is key to reducing congestion, lowering logistics costs, and strengthening Nigeria’s position in regional and global trade.

The announcement comes as the government intensifies efforts to tap into the global “blue economy,” which Oyetola said is now valued at over $3 trillion annually and represents a major opportunity for economic growth.

Revenue growth signals reform impact

The minister also highlighted significant revenue growth within agencies under the ministry, rising from ₦700.79 billion in 2023 to approximately ₦1.83 trillion by the end of 2025.

He attributed this increase to reforms such as improved regulatory oversight, enhanced revenue collection systems, and the digitalisation of key processes.

These efforts, he said, reflect a broader push to build efficient and financially sustainable institutions across the maritime sector.

Beyond port upgrades, the government is advancing several structural reforms, including the implementation of a National Policy on Marine and Blue Economy aimed at providing strategic direction and attracting investors.

Plans are also underway to revive the long-delayed Regional Maritime Development Bank, a move expected to strengthen financing for maritime projects across the region.

Industry stakeholders at the summit stressed that improving logistics and maritime connectivity remains essential for unlocking trade under Africa’s continental free trade framework.

With Nigeria’s strategic location along the Gulf of Guinea and extensive coastline, the government says investments in ports and maritime infrastructure will play a central role in driving economic growth and expanding trade opportunities in the years ahead.

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