Mandate Letter for $700 million loan signed to rehabilitate Apapa and TinCan Island ports

The Managing Director of the Nigerian Ports Authority (NPA), Mr Mohammed Bello Koko, recently signed the Letter of Mandate to secure a $700 million loan from Citibank, funded by UK Export Finance (UKEF).

The purpose of the loan is to fully rehabilitate the ports of Apapa and TinCan Island to accommodate modern cargo handling equipment and expand port capacity. The loan will rehabilitate the deteriorating quay wall for land-based operations and other physical infrastructure to deepen the channel to 16.5 metres to accommodate larger vessels.

The Letter of Mandate will be sent to the Minister for Marine and the Blue Economy, the Minister for Finance and the Debt Management Office for review and final approval.

Discussions are also underway to modernise the other ports of Calabar, Rivers, Onne and the Escravos breakwater, and should be concluded soon.