Nigeria secured £746 million (about $990.4 million) in financing from the United Kingdom to modernize the ports of Apapa and Tin Can Island.
Local media attributed the announcement to Adegboyega Oyetola. Authorities plan to sign the agreement in London during the state visit of Bola Tinubu scheduled for March 18–19, 2026.
The financing is backed by UK Export Finance. It supports a Nigerian port modernization program valued at nearly $1 billion, which has faced implementation delays. The project includes both infrastructure expansion and the digitalization of procedures. Authorities aim to reduce logistical pressure on ports that handle the majority of the country’s supply flows.
Currently, chronic congestion and heavy reliance on road transport continue to weaken port performance. As a result, these constraints divert part of the traffic to competing regional hubs such as Cotonou, Lomé, and Tema.
As part of the digital reform component, Nigerian authorities recently announced the launch of the National Single Window (NSW) platform by the end of March. This platform will dematerialize key procedures, including the processing of import permits, the electronic submission of cargo manifests, and the centralization of risk management.
This article was initially published in French by Henoc Dossa
Adapted in English by Ange J.A de Berry Quenum
Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...
CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...
Telecel Ghana to boost network investment by 150% in 2026 Expansion targets capacity, reliabi...
ECOWAS is proposing a regional digital platform for passengers to file and track complaints online...
World Bank announces $137 million to boost West Africa digital economy Program expands broad...
Bank of Ghana lowers its policy rate by 150 basis points to 14%, the lowest since July 2021. The cut reflects improving macroeconomic conditions...
Kenya engages Singapore in discussions to enhance its digital transformation and public security. Talks focus on Singapore’s model for national...
Pancontinental Energy extends its PEL 87 offshore permit in Namibia by 12 months, valid until January 2027. The company must complete an...
Stanlib Asset Management raises 5 billion rand ($295 million) in the first close of its Khanyisa fund for clean energy. Fund already invests in 14...
Event highlights growing role of diaspora entrepreneurs across multiple sectors Networks support trade, investment and SME...
Afreximbank launches Impact Stories season two highlighting trade-driven transformations Series features projects across Africa and Caribbean, from...