The Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello-Koko, met with officials of Citibank on Wednesday to discuss funding options for the rehabilitation of Apapa and Tin-Can Ports.
Bello-Koko disclosed on his personal X handle that the meeting with Citibank was a follow-up with other global reference lenders aimed at exploring various financing options for 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 the Tin-Can and Apapa Port modernization projects. This was a follow-up meeting with other global reference lenders.
“We will continue to explore different options for financing the port modernization programme to revamp our port infrastructure and superstructures for competitive advantage in the region,” the MD said.
LEADERSHIP reports that last year, the NPA MD mentioned it would cost the agency $800 million to rehabilitate the deteriorating port infrastructure at Apapa, Tin-Can, Calabar, and Onne Ports.
Bello-Koko stated that the $800 million, expected to come in as a loan facility, would be repayable over a seven-year period.
He mentioned that the funds would either be obtained through a loan or the agency would have to fund the rehabilitation project itself, which would result in a reduction of its contribution to the Consolidated Revenue Fund (CRF).
He emphasized that the rehabilitation would aid in achieving the digitalization of all 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 $800 million will either come in as a loan or the NPA will fund the rehabilitation, which will reduce its contribution to the CRF. This will assist in achieving the digitalization of all ports in Nigeria. Palliative and remedial works are no longer effective. These ports need total rehabilitation. There is also a plan to rehabilitate the Escravos breakwaters in Warri port,” Bello-Koko stated.