Press "Enter" to skip to content

NPA Secures $700 Million Loan for Lagos Ports Rehabilitation

NPA Secures $700 Million Loan for Lagos Ports Rehabilitation

The Nigerian Ports Authority (NPA) has secured a $700 million loan from Citibank and funding from the United Kingdom Export Finance to revitalize the Apapa and Tincan Island Ports in Lagos.

This significant move was announced by Mohammed Bello-Koko, the Managing Director of NPA, in a statement on Wednesday. Bello-Koko highlighted that the loan mandate letter would undergo final assessment and clearance by the Debt Management Office.

Additionally, discussions have commenced with another financial institution to finance the upgrade of the Eastern Ports, which include the Ports of Calabar, Warri, Onne, and Rivers, alongside the rehabilitation of the Escravos Breakwater.

Bello-Koko emphasized the importance of streamlining port operations, citing the burdensome paperwork currently required for import-export transactions in Nigeria. He revealed plans to implement the Port Community System, aimed at reducing paperwork, minimizing human intervention, and expediting clearance processes for goods entering or leaving the country.

This initiative marks a significant step towards modernizing port operations, enhancing efficiency, and facilitating smoother trade processes in Nigeria.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *