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Nigeria requires $1.1 billion reinvestment to renew concession agreement at Ports – Gboyega Oyetola

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Adegboyega Oyetola

The Minister of Marine and Blue Economy, Mr Gboyega Oyetola, has state that  the Federal Government requires about $1.1 billion reinvestment in the nation’s ports to renew the concession agreement.

Oyetola made this statement during his appearance before the House of Representatives Committee on Privatisation, which is investigating port concessions in Abuja.

He mentioned that the current delay in the concession of the ports is to enable the government to finalize its reinvestment plan and to renovate the ports to the necessary standards.

He said that the government would not seat back and watch the ports to completely collapsed.

 

On his part, Mohammed Koko, the Managing Director of the Nigeria Ports Authority (NPA), mentioned that the proposal to renew the concession agreement for the ports was presented to the Federal Executive Council in February 2023.

He explained that the FEC put the renewal on hold demanding additional information, adding that one of the issues raised by FEC was investment as it relates to existing infrastructure at the ports.

Mr Ignatius Ayewoh, acting Director-General, Bureau for Public Enterprise, said that the government reinvestment plan should stop the renewal process of the concession exercise.

He said

Rep. Ibrahim Chidari, Chairman, House Committee on Privatisation and Commercialisation, said the Ministry must put measures in place to ensure that the government does not have to lose any revenue.

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