The Federal Government has approved $1 billion (₦1.4 trillion) for the modernisation of the Apapa and TinCan Island ports in Lagos — Nigeria’s busiest maritime gateways.

Minister of Marine and Blue Economy, Adegboyega Oyetola, announced the approval at the CILT Nigeria Conference in Lagos, noting that the upgrades will enhance cargo handling, reduce turnaround time, and promote a paperless, technology-driven port system.

He added that similar projects will begin at other ports across Nigeria to ensure balanced development within the next decade.

Earlier reports revealed that ITB Nigeria, owned by businessman Gilbert Chagoury, secured a $700 million contract for part of the Lagos port renovation, financed by Citibank and backed by UK Export Finance.

The initiative is part of government efforts to attract private sector investment, create jobs, and position Nigeria as a competitive maritime hub in Africa.