The Nigerian government has announced plans to invest $1 billion to rehabilitate and modernize the nation’s aging port infrastructure. This was revealed by the Minister of Marine and Blue Economy, Gboyega Oyetola.
According to Oyetola, many Nigerian ports are nearing the end of their lifespan, which hinders their efficient operations. Despite previous port concessions to private operators, inadequate infrastructure upgrades have prevented the full benefits from being realized.
During the rehabilitation process, the ministry aims to prevent complete port shutdowns. The $1 billion investment will focus on reconstructing and upgrading deteriorating port facilities to enhance efficiency and competitiveness.
Any future port concession agreements must align with the goal of reinvesting in and modernizing the ports. The Nigerian Ports Authority will determine the appropriate investment values and concession tenors.
Nigeria embarked on port reforms in 2005/2006 to revitalize the maritime sector. However, the inability to sustain infrastructure upgrades has hampered the reforms’ objectives.
The Minster added that the government now recognizes the need to address long-standing infrastructure deficiencies to unlock the full potential of Nigeria’s ports and foster increased trade and economic development.
