World Bank Consents To Loan For Lagos Ports’ Repairs
World Bank Consents To Loan For Lagos Ports’ Repairs
The World Bank is set to offer the Nigerian Ports Authority (NPA) a loan to rehabilitate the failed sections of the Tin Can Island Port and the Lagos Port Complex (LPC) Apapa, if the concessionaires operating the affected terminals fail to commit to fix the port on time, it was learnt. THE NATION reports. jamb results
Conversing with journalists in Lagos over the weekend, the Managing Director, Mr. Mohammed Bello-Koko said many years ago NPA had approached the World Bank for similar assistance.
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The NPA helmsman said the introduction of the Infrastructure Concession Regulatory Commission (ICRC) Act by the Federal Government meant that the renewal of concession agreement for terminal operators was done according to the law or guidelines.
“We have had interest from the World Bank, IFC, Afri-Exim Bank, and others. Surprisingly, it was the World Bank that actually gave money to the NPA to construct the part of Apapa port so many years ago. The World Bank has come again to tell us that if we need funding, they will give it to us,’’ he explained. Information Guide Nigeria
According to Bello-Koko, “Tin Can Island Port, we all know what is happening there. The port is practically collapsing. We need to focus our budget towards the rehabilitation of those quay walls at the Tin Can port. We have taken a holistic review of decaying infrastructure at our ports and have decided that it is very important that we rehabilitate Tin Can and Apapa port.
“What we have done is to start talking to lending agencies, even though we don’t intend to lend. We are telling the terminal operators that you people have operated these port terminals for about 15 years. How much money are you going to invest in these port terminals? We are telling some of them that their leases have expired, how much will they be investing in the ports?
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