The Nigerian Ports Authority (NPA) has secured a loan of $700 million from Citibank to revamp the Apapa and Tincan Island ports in Lagos State.
The loan is to be funded by the UK Export Finance (UKEF).
Managing Director of NPA, Mohammed Bello-Koko, who announced the development on his official X account on Wednesday, said he had signed the Mandate Letter and Term Sheet for the loan, adding that the rate was also competitive.
Giving details of how the loan amount would be expended, he said the funds would be used to rehabilitate the quay wall for landside operations and enhance other infrastructure, deepening the draft to 16.5 meters to allow larger vessels at both ports.
He added that the project will commence after approval by the Minister of Marine & Blue Economy, the Minister of Finance, and the Debt Management Office.
Bello-Koko further revealed that discussions with other multilateral funding agencies were nearing conclusion for the rehabilitation of the Calabar and Onne ports, as well as the Warri Escravos breakwater, as part of the Ministry of Marine & Blue Economy’s port modernisation programme.
