By MARAN
*NPA Obtains $700 Million from Citibank for Major Upgrades to Lagos Ports*
The Nigerian Ports Authority (NPA) has successfully secured a $700 million loan facilitated by Citibank and underwritten by UK Export Finance (UKEF) to overhaul the Apapa and Tin-Can Island ports in Lagos.
Concurrently, NPA is engaging with another financier to support the refurbishment of Eastern Ports, including facilities in Calabar, Warri, Onne, and Rivers, along with the reconstruction of the Escravos breakwater.
During the mandate letter signing ceremony in Lagos, NPA’s Managing Director, Mohammed Bello-Koko, emphasized the urgency of the upgrades.
He announced that the funds were ready, and reconstruction work in Lagos would commence promptly. Additionally, Bello-Koko revealed plans to finalize another funding agreement for the Eastern Ports within the next month.
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