From left: Managing Director/CEO, Mohammed Bello-Koko and the Managing Director and Global Head of Export and Agency Finance of CitiBank, Mr. Richard Hodder.

The Nigerian Ports Authority NPA and the Citibank have concluded plans for a $700million loan facility to be funded by the UK Export Finance UKEF for the rehabilitation of Apapa and Tin Can Island Ports, both located in Lagos.

This is the culmination of series of meetings and discussions between the management of the NPA led by its Managing Director/CEO, Mohammed Bello-Koko and the Managing Director and Global Head of Export and Agency Finance of CitiBank, Mr. Richard Hodder, to discuss low-cost financing for Tin Can and Apapa Port modernisation projects, which began last year.

At present, the NPA and the Citibank have signed the Mandate Letter and Term Sheet for the $700million loan, to be funded by the UK Export Finance UKEF, which would be subjected to review and final approval by relevant authorities in Nigeria, which include the Ministry of Marine and Blue Economy, the supervisory ministry for the NPA, Ministry of Finance and the Debt Management Office DMO.

In a post gleaned from his verified X handle @MohdBelloKoko, Wednesday, the Managing Director/CEO said: “This evening, I had the pleasure of signing the Mandate Letter and Term Sheet for Citibank $700m loan to be funded by the UK Export Finance UKEF to revamp the Apapa & Tin Can Island Ports.

“Our target is to rehabilitate the deteriorating quay wall for landside operations and other physical infrastructure to deepen the drought to 16.5m to accommodate larger vessels. I am thrilled to announce that Citibank offered us the most competitive rate.

“As we send these Term Sheets to the Minister of Marine & Blue Economy, Minister of Finance and the Debt Management Office for review and final approval, we will soon conclude discussions with other multilateral funding agencies for the rehabilitation of Calabar, Rivers Ports, Onne and the Warri Escravos breakwater.

“On this ambitious port modernisation programme, I must appreciate the Honourable Minister of Marine and Blue Economy, HE, Gboyega Oyetola for his unwavering support in achieving this feat.

The NPA-boss, who had led his management team to other follow-up meeting with other global reference lenders, assured that the NPA under his watch will continue to weigh different options for financing the port modernisation programme to revamp the country’s port infrastructure and superstructures for competitive advantage in the West and Central African region.