By Adedapo Adesanya

Nigeria has secured a £746 million financing agreement with the United Kingdom Export Finance (UKEF) that will deliver the most ambitious modernisation of Nigeria’s seaport infrastructure in nearly half a century, transforming the country’s principal maritime gateways and repositioning its port system for global competitiveness.

The fund was facilitated by the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, according to the minister’s Special Adviser, Mr Bolaji Akinola.

The historic financing arrangement, secured with the backing of UKEF, will fund the comprehensive modernisation and upgrade of the Lagos Port Complex Apapa, popularly known as Apapa Port, and the Tin Can Island Port Complex in Lagos.

The two ports handle more than 70 per cent of Nigeria’s imports and exports, and serve as the central arteries of the nation’s maritime trade.

He noted that the landmark financing agreement will be formally signed during the high-profile state visit of President Bola Tinubu to London on March 18 and 19, 2026, signalling a deepening of strategic economic cooperation between Nigeria and the United Kingdom while opening a new chapter in Nigeria’s maritime development.

According to Mr Akinola, the minister described the financing package as a transformative milestone for the country’s port system, noting that the scale and scope of the modernisation project mark the first comprehensive overhaul of the facilities since their establishment.

“The Lagos Port Complex Apapa, established in 1913, has for more than a century remained Nigeria’s oldest and busiest seaport, serving as the gateway for a vast proportion of the nation’s imports and exports.

“The Tin Can Island Port Complex was later developed to complement Apapa and was officially commissioned on 14 October 1977.

“Despite their strategic importance, neither facility has experienced a modernisation programme of this magnitude, making the initiative the most significant port upgrade undertaken by the Federal Government in almost fifty years.”

Mr Oyetola stressed that the project forms a central pillar of the Federal Government’s broader agenda to unlock the vast economic potential of Nigeria’s marine and blue economy while restoring efficiency and global competitiveness to the country’s maritime infrastructure.

“This financing agreement represents a defining moment for Nigeria’s maritime sector. For decades, Apapa Port and Tin Can Island Port have borne the weight of our national trade, yet their infrastructure has not kept pace with the scale and complexity of modern global shipping.

What we are set to do is not merely an upgrade, but a comprehensive transformation that will align our ports with international best practice.

“Through this historic collaboration with the United Kingdom, we are laying the groundwork for a new era in the management and operation of Nigerian ports. Modern infrastructure supported by digitalised and automated processes will significantly enhance efficiency, transparency and operational reliability. Our objective is clear: to create a port system that is modern, competitive and capable of serving as a strategic maritime hub for West and Central Africa.”

He said that the modernisation programme will introduce advanced cargo-handling infrastructure, expanded port capacity and integrated digital systems designed to eliminate many of the operational bottlenecks that have historically slowed cargo movement through Nigeria’s busiest ports.

Mr Oyetola also noted that once completed, the reforms will fundamentally reshape the operational landscape of Nigeria’s maritime gateways. Vessel turnaround times are expected to decline significantly, while cargo dwell times within the ports will be sharply reduced as automated systems replace paper-based procedures and outdated manual processes.

By Modupe Gbadeyanka

Thursday, March 19, and Friday, March 20, 2026, have been declared as public holidays by the federal government to mark Eid-ul-Fitr.

A statement on Tuesday by the Permanent Secretary in the Ministry of Interior, Mrs Magdalene Ajani, urged Muslims to sustain the virtues of love, generosity, peace, tolerance, and sacrifice emphasised during the holy month of Ramadan.

The work-free days were declared by the Nigerian authorities to celebrate the end of the 30-day fast of Ramadan observed by Muslims in Nigeria and across the globe.

The statement issued today said the Minister of Interior, Mr Olubunmi Tunji-Ojo, who declared the holidays on behalf of the federal government, extended warm greetings and heartfelt congratulations to the Muslim faithful on the successful completion of the holy month of Ramadan.

He called on all Nigerians to use the festive period to pray for the continued peace, unity, and prosperity of the nation.

While wishing the Muslim faithful a joyful Eid-ul-Fitr celebration, the Minister encouraged citizens to celebrate responsibly and extend acts of kindness to the less privileged in society, expressing the government’s commitment to “fostering national unity and peaceful coexistence among all Nigerians.”

By Adedapo Adesanya

The Lagos State Electricity Regulatory Commission (LASERC) is targeting improved energy efficiency and the reduction of electricity supply hiccups to meet demand from the commercial sector.

The chief executive of the commission, Mr Temitope George, while listing the development agenda, vowed to make LASERC the foremost electricity regulator in Nigeria, reaffirming its commitment “to be the leading electricity regulator facilitating sustainable electricity and enhancing the quality of life for all residents in Lagos State.”

Mr George spoke at the close of the organisation’s maiden three-day capacity-building retreat, which had in attendance members, senior government officials, regulatory experts, and industry stakeholders to deliberate on key issues shaping electricity regulation and market development in the state.

With the theme Strengthening Regulatory Framework and Institutional Capacity for a Sustainable Electricity Market in Lagos State, the forum served as a platform for knowledge exchange, policy alignment, and institutional learning aimed at sharpening regulatory effectiveness and electricity governance in Lagos.

Speaking at the event, the chairman of the House Committee on Energy and Mineral Resources, Mr Sabur Oluwa, assured the commitment of the Lagos State House of Assembly to support policies and legislative frameworks that will promote sustainable power development and improved electricity service delivery for residents of the state.

Also, the Attorney General and Commissioner for Justice, Mr Lawal Pedro (SAN), highlighted the role of legal and institutional frameworks in ensuring effective regulation and alignment with the broader developmental priorities of Lagos State.

Delivering a presentation on the strategic implementation plan and electricity policy overview, the commissioner for Energy and Mineral Resources, Mr Biodun Ogunleye, noted that a well-structured regulatory framework is essential for attracting investment, improving infrastructure, and ensuring a reliable electricity supply across the state.

The permanent secretary of the ministry, Mr Abdulhafiz Toriola, stressed that effective collaboration within the public service is critical for the successful implementation of policies that will strengthen the electricity sector and enhance service delivery.

The general manager of the Lagos State Consumer Protection Agency, Mr Afolabi Solebo, shared insights on strengthening consumer protection mechanisms and improving complaint resolution within the electricity market, while the director general of the Lagos State Public Procurement Agency, Mr Fatai Onafowote, highlighted the role of procurement processes in ensuring transparency and efficiency in public sector projects.