A loan of $700 million has been secured by the Nigerian Ports Authority, with the assistance of Citibank and the United Kingdom Export Finance, for the rehabilitation of the Apapa and Tincan Island Ports in Lagos.
The Managing Director of the NPA, Mohammed Bello-Koko, made this announcement in a statement on Wednesday, mentioning that the loan mandate letter will undergo final review and approval by the Debt Management Office.
Discussions have also been initiated by the NPA with another funding agency for the enhancement of the Eastern Ports which include Calabar, Warri, Onne, and Rivers Ports, as well as for the reconstruction of the Escravos Breakwater.
According to the NPA boss, the current process in Nigeria requires importers or exporters to complete 30 to 40 forms for a single transaction. However, the implementation of the Port Community System will streamline this process, reduce the number of forms, minimize human intervention, and ensure quicker clearance for goods entering or leaving the country.