The Nigerian Ports Authority (NPA) on Wednesday signed the Mandate Letter to secure a $700 million loan from Citibank to be funded by the UK Export Finance (UKEF).
The Managing Director, Nigerian Ports Authority (NPA), Mohammed Bello Koko, signed the Mandate Letter from which proceeds would used to fully rehabilitate the Apapa and TinCan Island Port to accommodate modern cargo handling equipment and expand the ports’ capacity.
According to Mohammed Bello Koko, the Mandate Letter will be sent to the Ministers of Marine and Blue Economy, Finance & Coordinating Minister, and the Debt Management Office for review and final approval.
He said: “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, HE, Adegboyega Oyetola, for his unwavering support in achieving this feat.
