Citibank provides NPA with $700m facility for Apapa, Tin-Can Ports upgrade
A loan amounting to $700 million from Citibank has been secured by the Nigerian Ports Authority (NPA) to rehabilitate the Apapa and Tin-Can Island ports in Lagos. The funding for this project will be facilitated by the UK Export Finance (UKEF), an export credit agency.
Additionally, discussions have been initiated with another funding agency to acquire financial support for the enhancement of the Eastern Ports which include Calabar, Warri, Onne, and Rivers Ports. This also involves the reconstruction of Escravos breakwater.
During the signing of the mandate letter with Citibank Nigeria in Lagos, Mohammed Bello-Koko, the managing director of NPA, highlighted that the final review and approval of the mandate letter will be conducted by the Debt Management Office.
He emphasized that t...