In order to restore the Apapa and Tincan Island Ports in Lagos, the Nigerian Ports Authority obtained a $700 million loan from Citibank and provided funding for the United Kingdom Export Finance, The Courage.
This was revealed in a statement released on Wednesday by Mohammed Bello-Koko, the Managing Director of the NPA. He said that the loan mandate letter would be forwarded to the Debt Management Office for final assessment and clearance.
He noted that in order to finance the upgrade of the Eastern Ports, which include the Ports of Calabar, Warri, Onne, and Rivers, as well as the rehabilitation of the Escravos Breakwater, NPA had started talks with another financial organization.
“Currently in Nigeria, importers or exporters fill 30 to 40 forms for one transaction, but the Port Community System would reduce the numbers of forms, human interference and ensure speedy clearance process in or out of the country,” the NPA boss added.
