The Federal Government of Nigeria has announced that the required $1.1 billion for the rehabilitation of the country’s ports is almost ready. Adegboyega Oyetola, the Minister of Marine and Blue Economy, made this announcement in Apapa, Lagos State, during the presentation and inauguration of seven security patrol boats by the Nigerian Ports Authority (NPA) on Thursday.
In November, it was reported that the NPA was set to allocate over $800 million for the rehabilitation of all ports in Nigeria in the first quarter of 2024. The Managing Director of NPA, Mr Mohammed Bello-Koko, stated that most ports in Nigeria needed rehabilitation, and the NPA was initiating a significant overhaul, starting with the Tincan Island and Apapa Ports in Lagos.
Minister Oyetola emphasized the importance of modernizing the ports to meet global standards, expressing the government’s commitment to reducing vessel turnaround time and enhancing competitiveness. He praised the President for nearly securing the funds needed for port rehabilitation and announced the commencement of the rehabilitation process soon.
Oyetola also commended the NPA’s management for acquiring security patrol boats, emphasizing the significance of maritime security in realizing the full potential of the blue economy. Mohammed Bello-Koko stated that the launch of the boats demonstrates the NPA’s commitment to continuous improvement, aligning with the government’s priorities to transform Nigeria into a maritime logistics hub with enhanced safety, security, and compliance to global standards.
