Rehabilitation of key Sea Ports in the country may gulp about $800 million according to the Nigeria Ports Authority.
The Authority listed the dilapidated port infrastructure to include the Apapa, Tin-Can, Calabar and Onne Ports.
The Managing Director, NPA, Mohammed Bello-Koko, stated this during the International Association of Ports and Harbors (IAPH) Europe and Africa 2023 Regional meeting where the vice president of both regions, Jens Meier (Europe) and Micheal Luguje (Africa), hosted IAPH members CEOs’ to a top level discussions.
Bello-Koko said the $800 million which is expected to come in as a loan facility, will be repayable in a seven- year period.
He said the money would either come in as a loan or the agency would be forced to fund the rehabilitation project which would lead to a reduction of its contribution to the Consolidated Revenue Fund (CRF)
According to him, the rehabilitation would help in achieving the digitalisation of all the 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 $800million will either come in as a loan or NPA will fund the rehabilitation, which will reduce its contribution to the CRF. This will help in achieving the digitalization of all ports in Nigeria.
“Palliative and remedial works are no more effective. These ports needs total rehabilitation. There is also plan to rehabilitate the Escravos breakwaters in Warri port,” Bello-Koko stated.
He stressed on the impact of the collaboration between the government and private sector partnership and the attendant gains for Nigerian ports.
He disclosed that the collaboration gave birth to the Lekki Deep Sea Port, Nigeria’s deepest seaport with an initial depth of 16.5m, noting that, after the completion of the third phase the depth will be 20.5m.
The vice president, IAPH Europe, Jens Meier, thanked attendees for what he called their beautiful input during the session and promised the continuous collaboration between Europe and Africa which, he said, would be strengthened to achieve the digital port goal in Africa.