Lagos ports are preparing for major upgrades, as the federal government approved $1 billion for Apapa and TinCan Island.
Driving Lagos Ports Efficiency
These ports handle most of Nigeria’s imports and exports, driving the country’s trade and economy.
At the CILT Conference, Minister of Marine and Blue Economy, Minister Adegboyega Oyetola explained that the upgrades will boost cargo handling and align the ports with global standards.
Moreover, he said, “We aim for a paperless, technology-driven port environment that cuts delays and reduces corruption.”
Expansion And Investment
The government also plans to modernise other ports, ensuring more balanced national development.
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Earlier reports reveal that ITB Nigeria, owned by Gilbert Chagoury, will carry out the $700 million renovation.
Additionally, Citibank, UK Export Finance, and Afreximbank are providing financial support for the project.
APM Terminals, which operates Apapa port, has proposed an extra $500 million investment to expand capacity.
Oyetola emphasised that reforms, public-private partnerships, and incentives will encourage private sector investment.
Long-term Impact
Furthermore, Chagoury has led major Lagos projects, including roads in Ikoyi and Victoria Island, and Eko Atlantic.
Despite high costs and the ports’ age, global shipping firms continue to use Lagos ports, attracted by Africa’s growing trade.
