According to a statement released on Wednesday, the Nigerian Ports Authority has secured a loan of $700 million from Citibank and the United Kingdom Export Finance to revamp the Apapa and Tincan Island Ports in Lagos.
Managing Director of the NPA, Mohammed Bello-Koko, revealed this development, mentioning that the loan mandate letter is awaiting final review and approval from the Debt Management Office.
Further plans include discussions with another funding agency to support the enhancement of the Eastern Ports, which include Calabar, Warri, Onne, and Rivers Ports, as well as the reconstruction of the Escravos Breakwater.
“In Nigeria, each transaction currently necessitates filling out 30 to 40 forms by importers or exporters. The implementation of the Port Community System is set to streamline this process, reducing paperwork, minimizing human intervention, and expediting clearance procedures for goods entering or leaving the country,” added the NPA chief.