The Nigerian Ports Authority (NPA) has entered into an agreement with global financial institution Citibank for a $700 million loan aimed at revitalizing the Apapa and Tin-Can Island ports in Lagos.
The loan – funded by UK Export Finance – will support the rehabilitation of quay walls to enhance landside operations, and deepen droughts to 16.5 m to accommodate larger vessels and increase traffic flow. The loan will fund the installation of automation technologies including the Port Community System to boost ports efficiency and revenue generation.
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“In the last two years, the Federal Government has realised the need for us to rehabilitate and reconstruct the ports all over the country,” Mohammed Bello-Koko, Managing Director of NPA, said.
The agreement with CitiGroup awaits approval from the Debt Management Office and the Ministries of Marine & Blue Economy, and Finance.
Source: Energy Capital & Power
