The federal government said it has proposed a $1 billion investment for the rehabilitation of the nation’s seaports.
The minister of marine and blue economy, Gboyega Oyetola disclosed this on Thursday when he appeared before the House of Representatives Committee on Privatisation.
He also said the dream to achieve a modernised port is paramount and sacrosanct, adding that the concession agreement to be entered into with any investor or operator must align with this vision.
The minister, who was represented by permanent secretary, Oloruntola Michael further said that the government has not achieved the maximum benefits to be derived from the seaport concession due to inability to improve the port infrastructure to the desired standard for efficient operation, most of which have or are approaching the end of their life span.
He however added that during the course of rehabilitation the ports, the ministry would ensure the seaports are not completely shut down.
He added: “The investment required to achieve this is estimated in excess of US$1billion. It is therefore expedient to ensure that any step to be taken is fitted within the long-term reinvestment plan.
“The dream to achieve a modernised port is paramount and sacrosanct. The Concession Agreement to be entered into with any Investor or Operator must align with this vision. In this regard, NPA has committed to the process and is expected to actualise this vision.
“The agency’s review/exercise will determine the approximate value of investment to be made for the Ports and corresponding tenor to be granted to Investor/Operator.
“During the course of rehabilitation the Ministry would ensure the ports are not completely shut down.”
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