The Nigerian Ports Authority (NPA) management, led by its Managing Director, Mohammed Bello-Koko, has met with officials of Citibank concerning funding options for the rehabilitation of Apapa and Tin-Can Ports.
Disclosing this on his X handle on Wednesday evening, the Managing Director of NPA, Mohammed Bello-Koko, said that the meeting with Citibank is a follow-up meeting with other global reference lenders towards looking at different options for financing port modernization programs.
According to the NPA Managing Director, “My team and I met with the Managing Director and Global Head of Export and Agency Finance of Citibank, Mr. Richard Hodder, to discuss low-cost financing for Tin-Can and Apapa Port modernization projects.
This was a follow-up meeting with other global reference lenders. We will continue to weigh different options for financing the port modernization program to revamp our port infrastructure and superstructures for competitive advantage in the region.”
Recall that the NPA MD last year said that it will cost the agency $800 million to rehabilitate the dilapidated port infrastructure at the Apapa, Tin-Can, Calabar, and Onne Ports.
The NPA boss had said that the $800 million, which is expected to come in as a loan facility, will be repayable in a seven-year period.
Bello-Koko said the money would either come in as a loan or the agency would be forced to fund the rehabilitation project, which would lead to a reduction of its contribution to the Consolidated Revenue Fund (CRF).
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He said the rehabilitation would help in achieving the digitalization of all the four ports in Nigeria. “The rehabilitation of Apapa, Tin Can Island Port in Lagos, Onne and Calabar ports in the Eastern port will cost $800 million.
The $800 million will either come in as a loan or NPA will fund the rehabilitation, which will reduce its contribution to the CRF.
This will help in achieving the digitalization of all ports in Nigeria. Palliative and remedial works are no more effective. These ports need total rehabilitation.
There is also a plan to rehabilitate the Escravos breakwaters in Warri port,” Bello-Koko stated during the International Association of Ports and Harbors (IAPH) Europe and Africa 2023 Regional meeting held in 2023.