NPA SECURE US$700M LOAN FROM CITIBANK FOR REHABILITATION OF APAPA & TIN-CAN PORT

The Nigerian Ports Authority (NPA) has secured about US$700million loan from Citibank for the rehabilitation of Apapa and Tin-Can Island Ports in Lagos.

According to reports, the loan will be funded by UK Export Finance (UKEF) an export credit agency as NPA has also opened discussion with another funding agency to secure financing for upgrading of the Eastern Ports.

Speaking during the announcement, Managing Director of the NPA, Mohammed Bello-Koko said that “In the last two years, NPA has realized the need for us to rehabilitate and reconstruct the ports all over the country. We have been having discussions with multilateral funding agencies who have sent various proposals that we have reviewed.

“What we did is to further discussion with interested parties and we realized is better is to separate the ports in Lagos from the ports in the East, and we are in discussion with another funding agencies to fund the construction of ports outside Lagos.

He outlined that the funds are ready and that the reconstruction of Lagos Ports will start soonest. He also said that the Citibank facility is the cheapest for the Ports Authority because its comes with affordable interest rates.