The Federal Government has announced that the necessary funds, amounting to over $800 million, for the rehabilitation of ports across the country are nearly available.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, made this declaration in Apapa, Lagos, during the presentation and inauguration of seven security patrol boats by the Nigerian Ports Authority on Thursday.
In November, the Nigerian Port Authority had disclosed plans to allocate over $800 million for the rehabilitation of all ports in Nigeria in the first quarter of 2024. The initiative aims to address the rehabilitation needs of ports nationwide, with a significant focus on the Tincan Island and Apapa Ports in Lagos.
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Oyetola emphasized the importance of modernizing the ports to align with global standards, stating, “We want to be able to compete with any port in the world. We want the vessel’s turnaround time to be reduced and I think deliberately we are doing that.” He also expressed gratitude to the President for the imminent availability of funds for port rehabilitation.
Furthermore, Oyetola commended the Nigerian Ports Authority for its proactive approach in acquiring security patrol boats to enhance maritime security and safety. He underscored the critical role of security in maximizing the potential of the blue economy.
Earlier, Mohammed Bello-Koko, the Managing Director of NPA, highlighted the significance of the inauguration of the patrol boats in advancing the agency’s goal of transforming into a maritime logistics hub for sustainable port services in Africa. He emphasized NPA’s commitment to enhancing maritime safety, security, and compliance with globally acceptable standards as part of the government’s priorities.
Bello-Koko emphasized that the initiative aligns with presidential directives aimed at improving the performance of Ministries, Departments, and Agencies, reflecting NPA’s dedication to continuous improvement and achieving strategic objectives.
