STOAN seeks assurances on concession renewal, pledge increased port investment

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3 years ago

The Seaports Terminal Operators Association of Nigeria (STOAN) has expressed the willingness of its members to increase their investments at the ports. This is even as the group asked for assurances on members’ concession renewal processes.

Speaking recently during an interactive meeting with the Minister of State for Transportation, Senator Gbemisola Saraki, in Lagos, the representative of STOAN, Mr Ascanio Russo, however, decried decaying infrastructures in and around the Tin Can Island Port, tasking the Federal Government to address the decay so as to make the port more competitive.

“One of the major challenges that terminal operators face in Lagos at the moment and for sometime now is the condition of the port infrastructure, especially in Tin Can Island Port.

“As you know, terminal operators have been operating in Lagos for over 15 years and have made significant investment in infrastructure, equipment, and human resources. And over time, we have really increased the level of productivity in the port. We have now reached the stage to make necessary investment to really bring back to the original status of the decaying infrastructure especially in Tin Can Island Port.

“From our side, we want to confirm that we are committed serious investors and we are ready to participate to invest directly in this infrastructure. We have been here for many years and we plan to be here for more years.

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“So, we are very happy that you have identified the challenges in the area of infrastructure and we want to confirm to you that we are ready to make the necessary investment.

“We are ready to sit with you and your team to look at the legal and financial framework under which we can make this investment to continue to keep Lagos ports competitive,” Mr. Russo, who is also the Managing Director of PTML Terminal, said.

He also added that while the new deep seaport is being constructed in Lekki, the ports in Apapa and Tin Can Island should not be neglected as they would still be very relevant.

“So, it is very necessary to allow the investment and infrastructure to make the port stay relevant and competitive. I want to make mention of concession renewal. This has been the concern of our members. We have been negotiating for some time on this matter. And it is worthy of note to say that this investment will require a very long time to be recovered. Our members need commitment. So, I believe that from all our members, there is intention to continue to invest but of course, they want to finalize as soon as possible, the issue of concession renewal.”