Port Rehabilitation Fund Almost Ready – FG

The Federal Government says that the $1.1bn needed for the rehabilitation of the ports in the country was almost ready.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced this in Apapa, Lagos State, during the presentation and inauguration of seven security patrol boats by the Nigerian Ports Authority on Thursday.

In November, newsmen reported that the Nigerian Ports Authority said it was launching over $800m for the rehabilitation of all the ports in Nigeria in the first quarter of 2024.

The Managing Director of NPA, Mohammed Bello-Koko, said that during a panel session at the 43rd Annual Council Meeting of the Port Management Association of West and Central Africa in Lagos.

He said almost all the ports in Nigeria needed rehabilitation and NPA was initiating a substantial overhaul, starting with the Tincan Island and Apapa Ports in Lagos.

Oyetola reiterated the need to modernise the ports to meet global standards.

“Again we are modernising the ports, we want to be able to compete with any port in the world. We want the vessels’ 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 ports is almost ready and we are going to commence the rehabilitation any time soon,” Oyetola said.

The former Osun State governor commended the management of NPA for taking the initiative of acquiring the security patrol boats.

“I want to thank the management of NPA for taking the initiative to strengthen 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 potential of the blue economy without strengthening the security,” he said.

Bello-Koko said the launch of the boats was a testament to the agency’s commitment to continuous improvement in the journey towards transforming “our strategic intent of becoming the maritime logistics hub for sustainable ports services in Africa from potential to actualities”.

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