FG Lands £746m Deal to Revamp Apapa Port and Tin Can Island Port #BlueEconomy #NigeriaPorts #Infrastructure
Story: written by Amarachi April 10,2026
The Federal Government has secured £746 million in funding to overhaul key port infrastructure at Apapa Port and Tin Can Island Port in Lagos, as part of efforts to strengthen Nigeria’s maritime sector.
Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this at the opening of the Blue Economy Investment Summit 2026 in Abuja. He explained that the upgrade would boost efficiency, expand capacity, and improve the global competitiveness of the nation’s ports.
The summit, organised by the Maritime Innovations Hub in partnership with the ministry, focused on advancing Nigeria’s position in the global maritime space under the theme, “Shifting Gears: Heading to the Frontier of the Maritime Economy.”
Oyetola also highlighted strong revenue growth within agencies under the ministry, revealing that earnings rose from N700.79 billion in 2023 to about N1.83 trillion by the end of 2025. He attributed this increase to reforms such as improved regulatory systems, enhanced revenue collection, and the adoption of digital processes.
According to him, the reforms reflect a broader commitment to building transparent, efficient, and financially sustainable institutions.
The minister noted that the summit comes at a time when countries worldwide are increasingly turning to ocean-based resources as a driver of economic growth. With the global blue economy valued at over $3 trillion annually, he said Nigeria is well-positioned to tap into this potential due to its extensive coastline and strategic location along the Gulf of Guinea.
He further revealed that Nigeria has, for the first time, introduced a National Policy on Marine and Blue Economy to guide investment and development in the sector. Plans are also underway to revive the Regional Maritime Development Bank after years of delay.
Speaking at the event, Maritime Innovations Hub CEO Ronke Kosoko stressed the need for efficiency to attract investors, noting that current reforms are already drawing interest.
Similarly, Executive Secretary of the Nigerian Shippers Council, Pius Akutah, identified weak logistics and poor maritime connectivity as major barriers to Africa’s trade growth, urging urgent improvements.
Also contributing, Delta State Governor Sheriff Oborevwori said the state is taking steps to establish its own blue economy framework through dedicated committees to drive policy implementation.
Meanwhile, CEO of APM Terminals Nigeria, Frederik Klinke, described the current period as a critical turning point for Nigeria’s maritime industry, calling for resilience, innovation, and sustainable growth amid global changes.
