Nigeria’s two busiest ports, the Apapa and the TinCan Island Port Complex in Lagos, will be modernized by a 746 million pound ($997 million) UK Export Finance guarantee.
The deal which was coordinated and arranged by Citibank, was announced during a visit by Nigerian President Bola Tinubu to Britain that including a rare meeting with King Charles.
Sub-Saharan Africa needs to spend $170 billion annually on infrastructure, according to the African Development Bank.
Apapa Ports was built during British rule in the early 1920s, while the TinCan port started operations in 1977. They handle more than two-thirds of the nation’s goods trade and delays at the aged facilities can stretch into months.
The refurbishment of the ports “will be transformative,” said Adegboyega Oyetola, Nigeria’s minister of marine and blue economy. “Turnaround times for vessels and cargo dwell times within the ports are projected to fall,” he said.
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