Nigerian Ports Authority (NPA) has secured a $700 million loan from Citibank, facilitated by the UK Export Finance (UKEF), to overhaul the Apapa & TinCan Island Ports. The loan aims to revitalize key infrastructure, including the quay wall and dredging to accommodate larger vessels, with TinCan Island Port playing a pivotal role in Nigeria's economic landscape since its establishment in 1975 amidst post-civil war reconstruction.
NPA's Managing Director highlighted plans to rehabilitate additional ports, including Calabar, Rivers Ports, Onne, and the Warri Escravos breakwater, with discussions underway with other multilateral funding agencies. The loan, offering competitive rates, signifies a significant step towards modernizing Nigeria's maritime infrastructure and enhancing its role in global trade.