Mohammed Bello-Koko, the managing director of the Nigerian Ports Authority (NPA), said the rebuilding of the failed portions of Apapa, Tin-Can Island, Onne Port, and Calabar Ports will gulp $800 million.
According to him, carrying out palliative and remedial works on the four seaports is no more effective because the ports need total rehabilitation.
Bello-Koko disclosed this during a virtual conversation at the International Association of Ports and Harbors (IAPH) Europe and Africa 2023 Regional meeting held in Germany recently, where Jens Meier, the vice-president of Europe, and Micheal Luguje, that of Africa, hosted IAPH members and CEOs to top-level discussions.
Bello-Koko said the money will either come as a loan or the NPA will fund the rehabilitation project, which will lead to a reduction in its contribution to the Consolidated Revenue Fund (CRF).
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The NPA boss said if the $800 million comes in as a loan facility, it will be repayable in a seven-year period.
He said the rehabilitation would help in achieving the digitalisation of all four ports in Nigeria.
He pointed out the impact of the collaboration between the government and private sector partnership as well as the gains to the Nigerian ports.
To him, the collaboration gave birth to the Lekki Deep Seaport, which is Nigeria’s deepest seaport with an initial depth of 16.5 meters, with the plan to expand to 20.5 meters depth at the completion of the third phase.
Jens Meier, the vice-president of IAPH Europe, thanked attendees for their inputs during the session and promised a continuous collaboration between Europe and Africa to achieve the digital port goal in Africa.
