From left: Executive Director, Finance and Administration NPA, Aderenle Adeshina, Managing Director, NPA, Mohammed Bello-Koko, World Bank team members, Alicia Maude Stephens and Aleksanadar Stojanov during a visit to the Marina, Lagos, headquarters of NPA.

The World Bank has pledged assistance and support for Nigeria’s port modernisation project spearheaded by the Nigerian Ports Authority NPA.

Recall that the Managing Director of the Authority, Mohammed Bello-Koko had recently announced that the Federal Government had approved $1.1billion for the modernisation of the country’s port infrastructure and superstructure beginning from 2024, which is expected to drive the much needed efficiency and cost reduction.

This proposed assistance and support by the World Bank is coming on the heels of a recent visit by its team led by Alicia Maude Stephens and Aleksanadar Stojanov.

The team pledged to propose support and assistance that will address the priority areas of the Authority’s port modernisation programme.

Speaking earlier, Bello-Koko had disclosed that as part of measures to actualise its port modernisation programme designed to boost efficiency and reduce cost, the NPA had commenced talks with officials of the World Bank with a view to eliciting the global bank’s support and assistance, especially in priority areas.

It was in the light of this that the MD met with two members of the World Bank team, where both parties discussed the priority areas for support and assistance.

In a post on his verified X handle; @MohdBelloKoko, the Managing Director noted that fixing the decaying port infrastructure with a low-cost fund to execute the port modernisation programme remains one of our top priorities of the management under his watch.

“Trade and services remain one of the most sustainable ways of increasing revenue during an economic slowdown. To increase our share of trade, it is crucial that we expedite the digitisation process and equipment renewal.

“We outlined how the World Bank can support us in strengthening the digital infrastructure, closing gaps, and enhancing the port user experience”, Bello-Koko said during his remarks at the meeting.

He listed the priority areas to include but not limited to port modernisation, new ports development, equipment renewal and digitalisation of port processes.