Uche Cecil Izuora
The Nigerian Ports Authority, NPA, has commenced negotiations to access needed funds for the modernization of the country’s sea ports.
The NPA is taking the steps to access low-cost funding that will help to enhance the physical infrastructure of the ports to accommodate vessels of all sizes and increase the draft at the quay side, with the aim of achieving draft depths of up to 14 meters.
Following the recent $1.1billion approval by the Federal Government for the rehabilitation of existing seaports in the country, the NPA has commenced engaged the Citibank towards accessing low-cost financing options for the rehabilitation of Apapa and Tin Can Island Ports Complexes, both in Lagos.
Speaking shortly after a meeting with the Managing Director and Global Head of Export and Agency Finance of the Citibank, Mr. Richard Hodder, Managing Director/CEO of the NPA, Mohammed Bello-Koko, who led other top management of the authority, hinted that the meeting was to discuss low-cost financing options for Tin Can Island and Apapa Ports’ modernisation projects.
It was however gathered that this was a follow-up meeting with other global reference lenders.
“We will continue to weigh different options for financing the port modernisation programme to revamp our port infrastructure and superstructures for competitive advantage in the region”, Bello-Koko assured.
Recall that Bello-Koko had in November last year, announced plans by the authority to embark on a significant $1.1 billion rehabilitation programme in line with its commitment to fortify Nigeria’s export trade by making the seaports efficient and competitive.
He had also hinted that the NPA would initiate a substantial overhaul of the ports starting with the Tin Can Island and Apapa Ports in Lagos.
According to him, the objective of the rehabilitation programme is to enhance the physical infrastructure of the ports to accommodate vessels of all sizes and increase the draft at the quay side, with the aim of achieving draft depths of up to 14 meters.
While assuring that the initiative will make the nation’s seaports more competitive on a global scale, he had also disclosed that the NPA was also strengthening collaborations with the private sector to establish new seaports in the country.
Bell-Koko, who admitted that the current the road-dependent cargo evacuation model was fraught with inefficiencies, however, said the NPA is actively working on alternatives, which include but not limited to implementing barge operations and expanding rail infrastructure, which currently links Apapa Port and will soon be extended to Tin Can Port under the modernisation programme.