The Managing Director/CEO of Nigerian Ports Authority (NPA), Mohammed Bello- Koko, has announced that the agency is sourcing $800 million loan facility billed for the rehabilitation of four ports in the country.
The ports are Tin Can Island and Apapa Ports in Lagos, Onne Port in Rivers State, rehabilitation of the Escravos breakwaters in Warri Port and the Calabar Port in Cross River.
Bello-Koko made this disclosure at the International Association of Ports and Harbors (IAPH) Europe and Africa 2023 Regional meeting which held on Thursday, February 16, covered by Persecondnews with the Vice-President of both regions, Jens Meier (Europe) and Micheal Luguje (Africa) — hosting IAPH members CEO’s to a top level discussions.
While stating that the loan is still in process, he said it will be repayable in a seven- year period once secured.
“The loan is repayable in a seven-year period, and this will help in achieving the digitalisation of all ports in Nigeria,’’ Bello-Koko stated.
He also said that NPA is looking at the option of the project being funded by the authority but that this will reduce its contribution to the Consolidated Revenue Fund (CRF).
According to the NPA boss, the lrehabilitation would help in achieving the digitalisation of all ports in Nigeria as port rehabilitation and remedial works are no more effective.
“The rehabilitation of Tin Can Island Port in Lagos, Apapa Port in Lagos, Onne Port in Rivers State, rehabilitation of the Escravos breakwaters in Warri Port and the Calabar Port in Cross River will cost $800 million,” he said.
He also stressed on the impact of the collaboration between the government and private sector partnership and the gains to the Nigerian ports.
The managing director disclosed that the collaboration gave birth to the Lekki Deep Sea Port, Nigeria’s deepest seaport with an initial depth of 16.5m, noting that after the completion of the third phase the depth will be 20.5m.