The Nigerian Ports Authority (NPA) has signed a Citibank $700 million loan, which is to be funded by the UK Export Finance (UKEF), to revamp Apapa and Tincan Island Ports in Lagos. The
The NPA Managing Director, Mohammed Bello Koko, announced this on his X account this morning, noting that “Citibank offered us the most competitive rate.”
According to Mohammed Bello Koko, “This evening (Wednesday 17 April), I had the pleasure of signing the Mandate Letter and Term Sheet for @Citibank $700m loan to be funded by the UK Export Finance (UKEF) to revamp the Apapa & TinCan Island Ports.
“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.
“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 the 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.
“On this ambitious port modernization program, I must appreciate the Honourable Minister of Marine and Blue Economy, Gboyega Oyetola for his unwavering support in achieving this feat.”
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