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Mohammed Bello-Koko, the managing director of the Nigerian Ports Authority (NPA), stated the rebuilding of the failed parts of Apapa, Tin-Can Island, Onne Port, and Calabar Ports will gulp $800 million.
In response to him, finishing up palliative and remedial works on the 4 seaports isn’t any more practical as a result of the ports want complete rehabilitation.
Bello-Koko disclosed this throughout a digital dialog on the Worldwide Affiliation of Ports and Harbors (IAPH) Europe and Africa 2023 Regional assembly held in Germany lately, the place Jens Meier, the vice-president of Europe, and Micheal Luguje, that of Africa, hosted IAPH members and CEOs to top-level discussions.
Bello-Koko stated the cash will both come as a mortgage or the NPA will fund the rehabilitation mission, which can result in a discount in its contribution to the Consolidated Income Fund (CRF).
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The NPA boss stated if the $800 million is available in as a mortgage facility, it will likely be repayable in a seven-year interval.
He stated the rehabilitation would assist in reaching the digitalisation of all 4 ports in Nigeria.
He identified the affect of the collaboration between the federal government and personal sector partnership in addition to the beneficial properties to the Nigerian ports.
To him, the collaboration gave beginning to the Lekki Deep Seaport, which is Nigeria’s deepest seaport with an preliminary depth of 16.5 meters, with the plan to develop to twenty.5 meters depth on the completion of the third section.
Jens Meier, the vice-president of IAPH Europe, thanked attendees for his or her inputs through the session and promised a steady collaboration between Europe and Africa to realize the digital port purpose in Africa.
