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Banking/Investments Transport

NPA awaits joint-ministerial approval for CitiBank’s $700m Ports repair loan

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Following the signing of the Mandate Letter to secure a $700m CitiBank loan to be funded by the UK Export Finance, UKEF between the Managing Director, Nigerian Ports Authority (NPA), Mohammed Bello Koko, and the bank on Wednesday, the document has been sent to the Ministers of Marine and Blue Economy, Finance & Coordinating Minister, and the Debt Management Office for review and final approval.

Whereas NPA did not give any reason why the first two ports were in Lagos, the Authority however averred that discussions to modernize other ports of Calabar, Rivers, Onne and the Escravos Breakwater are ongoing and will soon reach a closure.

Business Hilights gathered 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.

However, some industry analysts who spoke to our correspondent on the loan, queried why both parties failed to reveal the terms especially the interest rate for the facility. They also expressed worries on why the fund for the rehabilitation of the ports cannot be generated by the ports after all.

Above all, the Management of the NPA appreciates the support of the Minister of Marine and Blue Economy, Adegboyega Oyetola, for attaining this height.

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