The House of Representatives Committee on Privatisation and Commercialisation has assured port stakeholders of its readiness to partner the Minister of Marine and Blue Economy, Mr. Gboyega Oyetola, to resolve all issues associated with port concession agreement renewals.

Recall that the Federal Government has not been able to renew some of the agreements it entered with many of the private terminal operators for more than five years now, a development that has been stalling fresh investments at the terminals, especially in terms of upgrading them as well as acquiring new plants and equipment to boost operation and efficiency.

This assurance was given during the committee’s oversight visit to the terminal of Ports & Cargo Handling Services Limited, a subsidiary of SIFAX Group, at the Tin Can Island Port, Lagos. 

Chairman of the Committee, Engr. Hamisu Ibrahim Chidari, disclosed that the leadership of the House has given the committee a mandate to ensure that all the Federal Government’s concessioned assets are performing optimally.  

“This oversight visit is a key part of our committee’s statutory responsibility. We work with diverse government agencies and ministries to ensure that the assets of the government that have been concessioned are performing and delivering premium returns to the government as well as the investors. Our job also involves working to remove any obstacle that might be impeding the smooth running of the private investors in these assets.

“The committee would be leveraging its excellent working relationship with the Minister of Marine and Blue Economy, Mr. Gboyega Oyetola to resolve the port concession agreement renewal issues in the shortest possible time.

“We understand what this contract renewal means to your business and I assure you that the government will not allow this to linger for too long. This current administration is desirous of providing the needed enabling environment for businesses to thrive to grow the country’s economy. We will work with the Minister of Marine and Blue Economy to address any issue on the concession renewal”, the chairman said.

Meanwhile, Managing Director, Ports & Cargo Handling Services Limited, Mr. John Jenkins, who extended a warm welcome to the delegation to the terminal, appreciated the committee members for the visit, adding that the terminal operator and its parent company, SIFAX Group, have over the years contributed substantially to the growth of Nigeria’s economy through excellent service delivery at the terminal and other allied businesses, providing employment opportunities for thousands of citizens as well as countless corporate social support projects that have touched the lives of thousands of less privileged Nigerians across the country. 

He said the renewal of the terminal’s concession agreement would allow the company to implement its development plan that would make the terminal one of the best port terminals globally.

The committee members were accompanied on the visit by officials of the Nigerian Ports Authority NPA and the Bureau of Public Enterprises BPE.