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FG rakes in $4.7bn from ports concession

Posted by By WALTER UKAEGBU on 2006/02/16 | Views: 629 |

FG rakes in $4.7bn from ports concession


The Federal Government has raked in $4.7 billion from the concessioning of the terminals at the Nigerian ports, a dividend on the government’s privatisation initiative.

The Federal Government has raked in $4.7 billion from the concessioning of the terminals at the Nigerian ports, a dividend on the government’s privatisation initiative.

Managing Director of Nigerian Ports Authority (NPA), Chief Adebayo Sarumi, who disclosed this, said that the money realised from the exercise represents a positive sign of the ongoing privatisation effort in the country.

He said the reform is aimed at driving the ports to a level of efficiency where they would be the hub of import and export in the West and Central African regions.
He said the reforms entail the involvement of private operators that could provide a world-class modern technology at the ports.

According to him, the port reform has laid down procedures so as to ascertain that the would-be terminal operators have the capacity and facilities that can develop the ports to international and acceptable standard.

Sarumi emphasised that the procedures follow due process from the analysis of the terminals to clearance of interested operators and from submission of bids to signing of agreement before the would-be operators can take over for operations.

The Managing Director explained that the successful bidders will operate the terminals under long lease mode while Nigerian Ports Authority will remain as a landlord to monitor and collect dues.
However, during a sensitisation workshop on International Oil Pollution and Compensation held last week in Lagos, the NPA and the BPE disagreed on the concessioning programme. The nature of the agreement was on the status of NPA at the Port Concessioning Panel.

While the NPA says it wants to have sole regulatory power of the ports, as a landlord, the BPE wants to reduce NPA’s power, as it wants the authority to share such powers with another body, Martime Transport Commission (MTC).

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