Citibank has provided a $700 million loan to the Nigerian Ports Authority for the refurbishment of the Apapa and Tincan Island Ports in Lagos. The funding came through the UK Export Finance, an export credit agency.
In a statement released on Wednesday, the NPA revealed that discussions have commenced with another financial institution to finance the enhancement of the Eastern Ports, which include Calabar, Warri, Onne, Rivers Ports, and the reconstruction of Escravos Breakwater.
During a signing ceremony of the mandate letter with Citibank Nigeria in Lagos, NPA’s Managing Director, Mohammed Bello-Koko, mentioned that the funds are readily available, and work on the Lagos Ports’ reconstruction will begin soon. He also indicated plans to finalize another mandate letter for the upgrade of the Eastern Ports within a month.
Bello-Koko emphasized the importance of port infrastructure for enhancing efficiency and revenue generation. He highlighted the initiation of automation and the implementation of the Port Community System to streamline trade processes and minimize paperwork.
Citibank’s involvement was praised by Ireti Samuel-Ogbu, the Managing Director of Citibank Nigeria Limited, who expressed the bank’s commitment to supporting NPA and the government in infrastructure development.
The NPA aims to kick off a $1.1 billion ports rehabilitation project in the first quarter of 2024, as announced by Mohammed Bello-Koko during a panel session at the 43rd Annual Council Meeting of the Port Management Association of West and Central Africa.