By Abimbola Ogunnaike
The Nigerian Ports Authority has secured a $700 million loan from Citibank and the United Kingdom Export Finance to rehabilitate the Apapa and Tincan Island Ports in Lagos.
The Managing Director of the NPA, Mohammed Bello-Koko, made this disclosure in a statement on Wednesday, 17 April, 2024.
According to Belo-Koko, the loan mandate letter would be sent to the Debt Management Office for final review and approval.
He said NPA had opened discussions with another funding agency to finance the upgrading of the Eastern Ports, including Calabar, Warri, Onne, and Rivers Ports, and the reconstruction of Escravos Breakwater.
“Currently in Nigeria, importers or exporters fill 30 to 40 forms for one transaction, but the Port Community System would reduce the numbers of forms, human interference and ensure speedy clearance process in or out of the country,” the NPA boss added.
