Minister Hails Progress On $800 Million Ports Rehabilitation Fund, Credits Tinubu’s Leadership

The Federal Government has announced that the funding required to rehabilitate ports in the country, amounting to over $800 million, is almost ready.

Naija News reports that during the presentation and inauguration of seven security patrol boats by the Nigerian Ports Authority in Apapa, Lagos, the Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this on Thursday.

In November, the Nigerian Port Authority announced its plan to allocate more than $800 million towards rehabilitating all ports across Nigeria in the first quarter of 2024, stressing the urgent requirement for extensive upgrades, starting with the Tincan Island and Apapa Ports in Lagos.

Oyetola commended the management of NPA for taking the initiative to acquire the security patrol boats, emphasizing the importance of modernizing the ports to align with global standards.

The former Osun State Governor said, “Again, we are modernising the ports; we want to be able to compete with any port in the world. We want the vessel’s turnaround time to be reduced, and I think deliberately we are doing that.

“We need to commend the President. The funds for the rehabilitation of the port are almost ready, and we are going to commence the rehabilitation any time soon.

“I want to thank the management of NPA for taking the initiative to strengthen maritime security and safety. Security is particularly important, and we need to give it the kind of priority that it deserves.

“We can’t be talking of getting the full potentials of the blue economy without strengthening the security.”