Announcing the development at the Chartered Institute of Logistics and Transport (CILT) Nigeria Conference in Lagos, the Minister of Marine and Blue Economy, Adegboyega Oyetola, said the project is a cornerstone of the ministry’s 10-year strategic plan to modernise Nigeria’s maritime infrastructure and expand its economic footprint.
According to Oyetola, the upgrades will enhance cargo handling efficiency, expand port capacity, and align operations with global best practices. “We are working closely with all stakeholders to achieve a paperless, technology-driven port environment that enhances efficiency, reduces turnaround time, and curbs corruption,” he said.
The minister also disclosed that procurement processes have begun for similar modernisation projects at ports outside Lagos to promote balanced national development and ease the growing pressure on the country’s main maritime corridor.
Although the government has yet to release detailed implementation timelines, earlier reports suggest that groundwork for the Lagos port renovation could begin by mid-2025. In March, a report by Africa Intelligence revealed that a $700 million contract for the project was awarded to ITB Nigeria, a construction firm owned by Lebanese-Nigerian businessman Gilbert Chagoury — a long-time figure in major Lagos infrastructure developments and an ally of President Bola Tinubu.
The financing structure, according to the report, includes a loan from Nigeria’s Citibank backed by UK Export Finance, with Afreximbank also offering support. Meanwhile, APM Terminals — operators of Apapa Port and a subsidiary of the Danish shipping giant Maersk — has proposed an additional $500 million investment. APM Terminals had previously paid close to $1 billion in 2006 for a 25-year concession to operate the Apapa facility.
Oyetola emphasised that the marine and blue economy strategy hinges on collaboration with the private sector through public-private partnerships (PPPs) and regulatory reforms designed to attract fresh investment and generate employment. “Our focus is on creating a conducive environment for private sector participation through targeted incentives and innovative financing,” he said.
Gilbert Chagoury’s companies have played a prominent role in Lagos’ infrastructure development, including the Eko Atlantic project and the first phase of the Lagos-Calabar coastal highway. His construction firm has also handled major roadworks across Victoria Island and Ikoyi, cementing his influence in Nigeria’s evolving infrastructure landscape.
Despite challenges, Lagos’ ports remain the most active and strategically significant in Africa’s maritime trade. While operators and importers face some of the world’s highest port fees and customs charges, global shipping firms continue to maintain a strong presence, drawn by Nigeria’s massive market and sustained freight revenues.
The Lagos port modernisation marks a critical step in the government’s effort to reposition Nigeria as a maritime hub — one capable of competing with global counterparts while advancing efficiency, transparency, and sustainability in its logistics ecosystem.