NPA Secures $700 Million Citibank Deal for Apapa and Tin-Can Island Ports Revamp

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The Nigerian Ports Authority (NPA) has taken significant steps toward revitalizing key maritime infrastructure by securing a $700 million loan from Citibank, supported by the United Kingdom Export Finance (UKEF), to rehabilitate the Apapa and Tin-Can Island ports in Lagos.

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During a signing ceremony in Lagos on Wednesday, NPA’s Managing Director, Mohammed Bello-Koko, announced the successful negotiation of a mandate letter with Citibank Nigeria. This milestone paves the way for final review and approval by the Debt Management Office (DMO) to commence the port reconstruction projects promptly.

Bello-Koko highlighted the readiness of the funds and emphasized the imminent commencement of rehabilitation works at the Lagos ports. Additionally, he revealed ongoing discussions with another funding agency to secure financing for upgrading the Eastern Ports, including Calabar, Warri, Onne, and Rivers Ports, alongside the reconstruction of the Escravos breakwater facility.

In his statement, Bello-Koko outlined the strategic approach to separate infrastructure projects between Lagos and the Eastern Ports to ensure focused and efficient upgrades. He emphasized the cost-effectiveness of the Citibank facility due to its favorable interest rates, making it a preferred financing option for the Ports Authority.

The NPA’s efforts underscore a comprehensive initiative to modernize and enhance port facilities nationwide, reflecting a commitment to bolster Nigeria’s maritime sector for increased efficiency and global competitiveness.


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