“Federal Government Announces Near-Readiness of $800 Million Ports Rehabilitation Fund”

By Milcah

The Federal Government has announced that the required funds, amounting to over $800 million, for the rehabilitation of ports across the country are nearing availability.

During the presentation and inauguration of seven security patrol boats by the Nigerian Ports Authority in Apapa, Lagos, Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this development.

In November, the Nigerian Ports Authority unveiled plans to allocate over $800 million towards the rehabilitation of all ports in Nigeria, slated for the first quarter of 2024. The comprehensive rehabilitation initiative aims to address the infrastructural needs of ports nationwide, with particular attention directed towards the Tincan Island and Apapa Ports in Lagos.

Emphasizing the importance of modernizing the ports to align with global standards, Oyetola reiterated the government’s commitment to enhancing efficiency and competitiveness within the maritime sector.

“We are focused on modernizing our ports to ensure they are on par with international standards. Our aim is to significantly reduce vessel turnaround time, and we are actively pursuing this objective,” stated Oyetola, commending the President for the impending availability of funds for port rehabilitation.

With the rehabilitation funds nearing readiness, Oyetola expressed confidence in the timely commencement of rehabilitation efforts, signaling a significant step towards bolstering Nigeria’s maritime infrastructure and fostering economic growth.


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