Federal Government Plans $800 Million Port Rehabilitation

The Federal Government has announced its intention to collaborate with terminal operators in the rehabilitation of the nation’s vital ports, including Apapa and Tincan.

This substantial undertaking, costing approximately N593 billion, seeks to address the deteriorating conditions of these crucial maritime hubs.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, made this announcement during a familiarization visit to the Apapa and Tincan Island ports.

He was accompanied by the Managing Director of the Nigerian Ports Authority, Muhammed Bello-Koko, and their respective management teams.

During their visit, several terminals were inspected, including AP Muller Terminal, ENL, Dangote, Greenville Development Nigeria Limited, ABTL, NPA Dockyard, Josephdam, Ports & Terminal Multipurpose Limited, Port & Terminal Multipurpose Limited, among others.

This initiative follows earlier remarks by Bello-Koko in April, where he outlined the agency’s potential expenditure of up to $800 million for the reconstruction of select seaports across the country.

In response to the pressing need for action, Oyetola emphasized the urgent necessity for port rehabilitation.

He underscored the pivotal role that terminal managers could play in supporting these efforts financially.

“The port is almost collapsing, a major rehabilitation has to be carried out, and that is perhaps the major thing. I am looking forward to a situation whereby the terminal managers would be willing to contribute towards the rehabilitation of the ports; it is important. If you do that, you are going to make more money.”

This collaborative effort between the Federal Government and terminal operators represents a significant step towards revitalizing Nigeria’s crucial maritime infrastructure and ensuring the continued efficiency of its ports.