The Managing Director, Nigerian Ports Authority (NPA), Mohammed Bello Koko, on Wednesday signed the Mandate Letter to secure a $700m Citibank loan to be funded by the UK Export Finance, UKEF.
City Business News report that the loan is to fully rehabilitate the Apapa and TinCan Island Port to accommodate modern cargo handling equipment and expand the port’s capacity.
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.
According to NPA, discussions to modernize other ports of Calabar, Rivers, Onne and the Escravos Breakwater are ongoing and will soon reach a closure.
The Management of the NPA appreciates the support of the Minister of Marine and Blue Economy, Adegboyega Oyetola, for attaining this height.
