The Managing Director/CEO of the Nigerian Ports Authority (NPA), Mr. Mohammed Bello -Koko, has said the rehabilitation of Apapa and Tin-Can Island Ports in Lagos, Onne port in Rivers State and Calabar port in Cross River State would require about $800 million to complete.
He said the money for the rehabilitation would either come in as loan from financial institutions or directly from the NPA which will lead to a reduction in it’s contribution to the Consolidated Revenue Fund (CRF).
Bello-Koko who spoke at the weekend 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 discussion.
He revealed that the $800 million, coming as a loan facility will be repayable in 7- year period. He said the rehabilitation would help in achieving the digitalisation of all the four ports in Nigeria, adding that 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 NPA will fund the rehabilitation, which will reduce its contribution to the CRF.
