• Monday, April 15, 2024
businessday logo

BusinessDay

$800m ports rehabilitation fund almost ready, says Oyetola

$800m ports rehabilitation fund almost ready, says Oyetola

Adegboyega Oyetola, minister of Marine and Blue Economy, said on Thursday that the over $800 million needed for the rehabilitation of ports in Nigeria is almost ready.

He said this in Lagos during the presentation and inauguration of seven security patrol boats acquired by the Nigerian Ports Authority (NPA).

Read also: Lekki Port berths largest container ship on Nigerian waters

Oyetola said there is a need to modernise the ports to meet global standards.

“We are modernising the ports, we want to be able to compete with any port in the world. We want the vessel turnaround time to be reduced and I think deliberately we are doing that.

“We need to commend the President. The fund for the rehabilitation of the port is almost ready and we are going to commence the rehabilitation any time soon,” Oyetola said.

He commended the management of NPA for taking the initiative to acquire the security patrol boats.

“I want to thank the management of NPA for taking the initiative to strengthen the maritime security and safety. Security is particularly very important and we need to give it the kind of priority that it deserves. We can’t be talking of getting the full potentials of the blue economy without strengthening the security,” he said.

Read also: Four biggest ships that graced Nigerian waters in 2023

The Nigerian Port Authority said in late 2023 that it was launching over $800 million rehabilitation plans for all the ports in Nigeria. The NPA pointed out the need for a substantial overhaul of the port starting with the Tin-Can Island and Apapa Ports in Lagos.