The Nigerian Ports Authority (NPA) has entered into an agreement with global financial institution Citibank for a $700 million loan aimed at revitalizing the Apapa and Tin-Can Island ports in Lagos.
The loan – funded by UK Export Finance – will support the rehabilitation of quay walls to enhance landside operations, and deepen droughts to 16.5 m to accommodate larger vessels and increase traffic flow.
The loan will fund the installation of automation technologies including the Port Community System to boost ports efficiency and revenue generation.
“In the last two years, the Federal Government has realised the need for us to rehabilitate and reconstruct the ports all over the country,” Mohammed Bello-Koko, Managing Director of NPA, said.
The agreement with CitiGroup awaits approval from the Debt Management Office and the Ministries of Marine & Blue Economy, and Finance.
