A significant development in Nigeria’s maritime sector has emerged as Gilbert Chagoury, a prominent Lebanese-Nigerian businessman and a long-standing ally of President Bola Ahmed Tinubu, has been linked to the massive renovation of the Lagos Tin Can and Apapa Ports.
This modernization of seaports project is backed by a substantial £746 million export finance deal recently finalized in London during a high-level meeting between President Tinubu and British Prime Minister Keir Starmer.
The agreement, guaranteed by UK Export Finance (UKEF), provides the necessary loans to upgrade Nigeria's most critical maritime gateways.
Detailed reports indicate that the Chagoury Group, through its subsidiary ITB Nigeria, was a key part of the delegation to the United Kingdom where the financing was secured.
The Federal Executive Council reportedly selected the conglomerate for this contract earlier in 2025.
This project is a cornerstone of the Marine and Blue Economy ministry's strategy, with Minister Gboyega Oyetola confirming a total investment of $1 billion (₦1.4 trillion).
The initiative aims to enhance logistics and transport efficiency, ensuring a sustainable blue economy for Nigeria by transforming the aging infrastructure of the Lagos ports into world-class facilities.
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