NPA Seeks N200bn Loan from Afreximbank, UK for Nigerian Ports

By Adedapo Adesanya

The Nigerian Ports Authority (NPA) is asking for a N200 billion loan from Afreximbank with the United Kingdom Export Finance (UKEF) to reconstruct the country’s dilapidated port facilities, which is the main thrust of its 2024 budget.

The Managing Director of the NPA, Mr Mohammed Bello-Koko listed the urgent need to rehabilitate the port while defending the 2024 budget before the House of Representatives Committee on Port and Harbour in Abuja on Thursday.

He listed these sources as the provider of the loan saying that the agency is expected to generate N629.89 billion.

He put the projected expenditure at N464.32 billion, while the operating expenses were projected at N212.03 billion and the capital expenditure stood at N252.29 billion.

He explained that the defects in the facilities were hampering efficiency and productivity in the ports, saying that the defects included the quay walls and the replacement of old gravity walls.

According to him, another is the need for rehabilitation of Escravos breakwaters.

According to him, this aims to improve port efficiency and increase cargo traffic through investment funding from the financiers, UKEF and Afrexim.

The Chairman of the Committee, Mr Nnolin Nnaji, said the agency is very dared to the country, hence the need for the committee to visit some of the facilities outside Lagos.

“We need to see those things you are telling us. The House of Representatives is very serious about budget defence, while they do screening on the other side, budget defence is here, ” the lawmaker said.

He commended the managing director for the budget presentation, saying that he believed in the subsequent budget, the managing director would do better,

“We accept this budget, and we will move further with it,’’ Mr Nnaji said.

The lawmaker also said the drainage channels were full of wreckage and expressed concern over the lack of information on wreckage removal.

Mr Nnaji, however, said as long as the NPA avoided the wreckage, it would keep occurring because of the abandoned ships and urged the regulator to look into it.