The failure to execute the port modernisation project, after missing the first quarter deadline in 2024, could result in Nigeria
losing another N1 trillion due to cargo diversion to neighboring countries yearly.
Meanwhile, neighbouring countries like Togo, Côte d’Ivoire, Ghana, Benin Republic, and Senegal have successfully modernised their port facilities to accommodate larger vessels and increased cargo volumes, including shipments intended for Nigeria.Togo, particularly, serves as the number one regional maritime hub in West Africa, handling post-Panamax vessels and acting as a trans-shipment hub for smaller regional ports unable to accommodate large vessels.
At a recent conference, the Managing Director of the Nigerian Ports Authority , Mohammed Bello-Koko, reiterated the goal of modernising Nigerian ports to regain lost transit and transshipment of cargo to neighboring ports. He highlighted the potential benefits of improving Nigeria’s ease of doing business ranking and creating a conducive environment for trade and investment.
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