AGS NEWS – The Nigerian Ports Authority (NPA) has finalized a $700 million loan agreement with Citibank to fund the rehabilitation of the Apapa and Tincan Island Ports in Lagos.

This funding, facilitated by the UK Export Finance, marks a significant step toward revitalizing key maritime infrastructure in Nigeria’s commercial hub.

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In an official statement on Wednesday, the NPA disclosed plans to engage with additional financing agencies for the enhancement of Eastern Ports, including Calabar, Warri, Onne, Rivers Ports, and the reconstruction of Escravos Breakwater.

During the signing ceremony of the mandate letter with Citibank Nigeria in Lagos, NPA’s Managing Director, Mohammed Bello-Koko, highlighted the imminent commencement of reconstruction activities at the Lagos Ports.

He affirmed that the mandate letter would undergo final review and approval by the Debt Management Office before implementation.

Bello-Koko emphasized the NPA’s commitment to infrastructure revitalization, noting ongoing discussions with multiple funding agencies.

He underscored the importance of distinct funding strategies for Lagos and Eastern Ports, emphasizing affordability and efficiency in project execution.

Regarding the Citibank Facility, Bello-Koko emphasized its favorable interest rates, stating that port efficiency requires not only automation but also robust physical infrastructure.

He highlighted the NPA’s efforts in implementing the Port Community System to streamline trade facilitation processes and reduce bureaucratic hurdles.

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In response, Ireti Samuel-Ogbu, Managing Director of Citibank Nigeria Limited, expressed the bank’s commitment to supporting NPA and the Federal Government in infrastructure development. Samuel-Ogbu praised the strategic initiative to upgrade port infrastructure and affirmed Citibank’s readiness to contribute to the project’s success.

The NPA’s ambitious ports rehabilitation program, slated for launch in the first quarter of 2024, reflects its proactive approach to enhancing maritime infrastructure and promoting economic growth.