The Managing Director of the Nigerian Ports Authority (NPA), Mr. Mohammed Bello Koko, has said that the rehabilitation of Apapa and Tin-Can Island Ports in Lagos, including Onne Port in Rivers State and Calabar Port in Cross River State will gulp $800 million.
He said that the money will either come in as a loan or the agency will fund the rehabilitation project which will lead to a reduction of its contribution into the Consolidated Revenue Fund (CRF).
Bello-Koko stated this on Thursday while speaking virtually at the International Association of Ports and Harbors (IAPH) Europe and Africa 2023 Regional meeting held in Germany, where the Vice-President of both regions, Jens Meier (Europe) and Micheal Luguje (Africa), hosted IAPH members CEO’s to a top level discussions.
According to the NPA boss, the $800 million, if it comes in as a loan facility, will be repayable in a seven-year period.
He said 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 $800 million 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 digitalisation of all ports in Nigeria. Palliative and remedial works are no more effective. These ports need total rehabilitation,’’ Bello-Koko stated.
The NPA boss also stressed on the impact of the collaboration between the government and private sector partnership and the gains to the 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 will be strengthened to achieve the digital port goal in Africa.