The federal government is currently holding discussions with some banks, including the World Bank, on how to embark on the rehabilitation of four of its major seaports.
The banks that are being considered are the World Bank, International Finance Corporation and Afri-Exim Bank. These banks have shown significant interest in funding the rehabilitation work. The seaports being considered for repair include Apapa, and Tin-Can Island Ports in Lagos, Calabar Port in Cross River, Warri, Koko and Burutu Ports in Delta State.
It was gathered that the quay walls of Tin-Can Island Port are falling off and that it is in dire need of repairs.
However, the actual amount to be invested in the rehabilitation work could not be ascertained, but sources said the amount would come from direct and indirect funding
The Managing Director of the Nigerian Ports Authority (NPA), Mr Muhammed Bello Koko, while addressing maritime reporters at the weekend said the rehabilitation of the ports was in furtherance of the core objective of the authority as trade facilitator in the nation’s shipping industry and to make them more attractive for imports and exports trade.
Bello-Koko disclosed that dredging of the Escravos as well as the Calabar Port, which has the longest water channels in the country, would also be undertaken.
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