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Ports Concessions: FG targets $1bn Investments

The Minister of Marine and Blue Economy, Adegboyega Oyetola has stated that, the federal government will set new terms in future Ports lease agreements with…

The Minister of Marine and Blue Economy, Adegboyega Oyetola has stated that, the federal government will set new terms in future Ports lease agreements with Terminal Operators in line with its new plan to get maximum economic benefits to the nation.

He stated this at the resumed investigative hearing by the House Committee on Privatisation and Commercialisation held on Thursday.

It would be recalled that, the minister was earlier summoned by the Committee alongside the Minister of Transport, Sa’idu Alkali, the Managing Director of Nigeria Ports Authority (NPA), Mohammed Bello-Koko and the Director General, Bureau of Public Enterprises (BPE), Alex Okoh over the expiration of five seaport infrastructure concession agreement.

Oyetola who was represented by the Ministry’s Permanent Secretary,Oloruntola Michael, said that, any further concession at the Ports should be predicated on the larger vision and desire to reinvest in the Ports and modernize, reconstruct the deteriorating port infrastructures for effective, efficient and competitive performance. 

He said, “The investment required to achieve this is estimated in excess of US$1billion. It is therefore expedient to ensure that any step to be taken is fitted within the long-term re-investment plan.  

“The dream to achieve a modernized port is paramount and sacrosanct. The Concession Agreement to be entered into with any Investor or Operator must align with this vision. In this regard, NPA has committed to the process and is expected to actualize this vision”. 

He added that the review exercise by the Nigeria Ports Authority (NPA) will determine the approximate value of investment to be made for the Ports and corresponding tenor to be granted to Investors and Operators.

He assured that the Ministry would ensure the ports are not completely shut down during the course of rehabilitation.

He disclosed that the Federal Government embarked on Port reforms in 2005/2006 in order to enhance operational efficiency, improve productivity and revenue accrual to Government, attract investment to the port sector and technology transfer, among others. 

 

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