NPA Secures $700 Million for Lagos Port Rehabilitation and Modernization

The Nigerian Ports Authority (NPA) has secured a $700 million loan from Citibank and the United Kingdom Export Finance to rehabilitate and modernize the ports at Tincan Island and Apapa in Lagos.

The loan is aimed at restoring the ports’ infrastructure and enhancing the efficiency of port operations in Nigeria.

Managing Director of the NPA, Mohammed Bello-Koko, announced the loan in a statement on Wednesday, stating that the loan mandate letter will be forwarded to the Debt Management Office for final assessment and clearance.

The funds will be used to upgrade the Eastern Ports, including the Ports of Calabar, Warri, Onne, and Rivers, as well as the rehabilitation of the Escravos Breakwater.

In addition to infrastructure improvements, the NPA is also focusing on streamlining the import and export process by reducing the number of forms required for transactions.

Currently, importers or exporters in Nigeria have to fill 30 to 40 forms for a single transaction.

The introduction of a Port Community System aims to reduce the number of forms, minimize human interference, and ensure a faster clearance process in or out of the country.

The rehabilitation and modernization of the ports are expected to have a significant impact on Nigeria’s economy by increasing port efficiency, reducing congestion, and improving the ease of doing business.

The NPA’s efforts to upgrade the ports and streamline the import and export process are crucial steps towards achieving these goals and positioning Nigeria as a competitive player in the global shipping industry.