Nigerian Ports Authority (NPA) has secured a Citibank $700m loan funded by the UK Export Finance (UKEF) to revamp the Apapa & TinCan Island Ports.

“I had the pleasure of signing the Mandate Letter and Term Sheet for a Citibank $700m loan,” wrote NPA managing director Mohammed Bello-Koko.

“Our target is to rehabilitate the deteriorating quay wall for landside operations and other physical infrastructure to deepen the drought to 16.5m to accommodate larger vessels,” he said.

TinCan Island Port is located North West of Lagos Port Complex and came into being in 1975 when the country experienced an increase in economic activities during the oil boom coupled with the post-civil war reconstruction.

“I am thrilled to announce that Citibank offered us the most competitive rate. As we send these Term Sheets to the Minister of Marine & Blue Economy, Minister of Finance and Debt Management Office for review and final approval, we will soon conclude discussions with other multilateral funding agencies for the rehabilitation of Calabar, Rivers Ports, Onne and the Warri Escravos breakwater,” he added.

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