The managing director, Nigerian Ports Authority (NPA), Mohammed Bello-Koko, on Wednesday, met with officials of Citibank over funding options for the rehabilitation of Apapa and Tin-Can Ports.
Disclosing this on his personal X handle, Bello-Koko, said the meeting with Citibank was a follow-up meeting with other global reference lenders towards exploring different options for financing the port modernization programme.
“My team and I met with the managing director and global head of Export and Agency Finance of CitiBank, 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 modernisation programme to revamp our port infrastructure and superstructures for competitive advantage in the region,” the MD said.
LEADERSHIP reports that the NPA MD last year said it will cost the agency $800million to rehabilitate the dilapidated port infrastructure at the Apapa, Tin-Can, Calabar and Onne Port.
The NPA boss 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).
He said the rehabilitation would help in achieving the digitalisation 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 $800million 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 digitalisation 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.
