Nigerian Ports Authority secures a $700m loan from Citibank/UKEF to rehabilitate Lagos' ports.
Nigerian Ports Authority (NPA) secures a $700m loan from Citibank, funded by UK Export Finance (UKEF), to rehabilitate Lagos' Apapa and Tin-Can Island ports. The NPA is also discussing financing with another agency for upgrading Eastern Ports and reconstructing Escravos breakwater. Citibank offers the most affordable rates, and NPA plans to automate port operations, improve physical infrastructure, and implement a Port Community System for better trade facilitation.
April 17, 2024
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