NPA gets $700 million to rehabilitate the ports at Tincan Island and Apapa, Lagos

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.

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. Eyes Of Lagos reports,

“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.

https://eyesoflagos.com/2024/04/18/npa-gets-700-million-to-rehabilitate-the-ports-at-tincan-island-and-apapa-lagos/

Why are other ports not gaining momentum or receiving supports like the ones in the west, no matter how many ports are built in a certain region, It won't solve the problem if congestion until the entire geopolitical regions of the country are equally given attention. Am sure the socalled coastal highway was a deliberate plan to ease traffic from the congested Lagos ports instead of of developing other regional ports

Another avenue to siphon funds

G

After politicians, fear these workers in ministries, departments and agencies. Some of them dey compete with politicians in terms of looting. Not to even talk about the jumbo salary they receive monthly from ghost workers.

F

The looting continues

4sale

How will all these loans be paid back😔?

About $400million of the money will end up in private hands and pockets.. this is ludicrous to say the least.

When they're not even building new ports for that amount.

Phantom233:
Why are other ports not gaining momentum or receiving supports like the ones in the west, no matter how many ports are built in a certain region, It won't solve the problem if congestion until the entire geopolitical regions of the country are equally given attention. Am sure the socalled coastal highway was a deliberate plan to ease traffic from the congested Lagos ports instead of of developing other regional ports

I am from the west and can only say....you have a point.

When are they going to do same to onne Port..

Phantom233:
Why are other ports not gaining momentum or receiving supports like the ones in the west, no matter how many ports are built in a certain region, It won't solve the problem if congestion until the entire geopolitical regions of the country are equally given attention. Am sure the socalled coastal highway was a deliberate plan to ease traffic from the congested Lagos ports instead of of developing other regional ports

The NPA knows where their cash cows graze.

So with all the revenue they make, they still have to take loan to maintain their facilities?

And the loan will be paid back by Nigerians with more duties imposed on import and export,

Another avenue to share big bag 🎒

What about other ports in the south south and south east? Why concentrate and conject every shipments in lagos state......
Its time the government start thinking above this Lagos "thing" alone

Loan?

Goodnews

Tinubu is gradually replacing Heads of Government Parastatals. This Bello-Koko knows he will soon be replaced, he wants to do one BIG cashout ($500M) before he is replaced so that his replacement would have backlog of debt to clear and little to steal.

Mtcheeww

Phantom233:
Why are other ports not gaining momentum or receiving supports like the ones in the west, no matter how many ports are built in a certain region, It won't solve the problem if congestion until the entire geopolitical regions of the country are equally given attention. Am sure the socalled coastal highway was a deliberate plan to ease traffic from the congested Lagos ports instead of of developing other regional ports

RESTRUCTURING is the solution.

The will enable regions to develop at their own pace instead of waiting for federal government stipend.

The northerners and their political leaders are too afraid to face Agriculture.

But that is their own future.

The same way the States in the Southern part of Nigeria especially the Niger delta regions with crude oil and sea ports businesses.

Phantom233:
Why are other ports not gaining momentum or receiving supports like the ones in the west, no matter how many ports are built in a certain region, It won't solve the problem if congestion until the entire geopolitical regions of the country are equally given attention. Am sure the socalled coastal highway was a deliberate plan to ease traffic from the congested Lagos ports instead of of developing other regional ports

It's because us in Lagos are simply just better than you guys. $700 million dollars as in even in you guy's dreams other regions in nigeria can't get 5% percent of that amount.

When are they going to do same to onne Port..

Thieves

Money that'll still be looted.

GEJ had the opportunity to make Warri, PH, Gelegele and Calavar ports viable, but he blew it.
SS/SE governors need to forge strategic alliances to advance either PH or Calabar seaports. We cannot rely on the Lagos ports alone.

Phantom233:
Why are other ports not gaining momentum or receiving supports like the ones in the west, no matter how many ports are built in a certain region, It won't solve the problem if congestion until the entire geopolitical regions of the country are equally given attention. Am sure the socalled coastal highway was a deliberate plan to ease traffic from the congested Lagos ports instead of of developing other regional ports

If you know any financial institution or anybody willing to invest in the other ports,you can bring them......port business is serious business and if those places can be made viable by those from there....why not,they will be developed.

by the time APC is done with Nigeria, even Somalia go pity una