The Nigerian Ports Authority (NPA) is gearing up to generate N629.89 billion in 2024, with plans to secure a N200 billion loan from Afrexim Bank. Managing Director Mohammed Bello-Koko revealed this during a budget defense session before the House of Representatives Committee on Port and Harbour in Abuja.
Bello-Koko highlighted that the UK Export Finance (UKEF) is also on board as a potential source for the loan. The projected expenditure for 2024 stands at N464.32 billion, with operating expenses at N212.03 billion and capital expenditure at N252.29 billion.
The focus of the 2024 budget is the urgent need to revamp and enhance the deteriorating port infrastructure facilities. Bello-Koko emphasized the necessity to rehabilitate, reconstruct, and upgrade facilities such as quay walls, gravity walls, and Escravos breakwaters to boost efficiency and productivity in the ports.
The Committee Chairman, Rep. Nnolin Nnaji, stressed the importance of the NPA’s role in the country and expressed the committee’s intention to inspect facilities outside Lagos to assess the situation firsthand. Nnaji commended Bello-Koko for the budget presentation and expressed confidence in the agency’s ability to improve in subsequent budgets.
However, Nnaji raised concerns about drainage channels being clogged with wreckage and urged the NPA to address the issue to prevent further incidents caused by abandoned ships.
As the NPA continues its efforts to enhance port efficiency and increase cargo traffic through investment funding from UKEF and Afrexim, the focus remains on improving infrastructure and operational capabilities to meet the growing demands of the maritime industry.
