September 15, 2023

CBN drives investments for rehabilitation of moribund ports

CBN drives investments for rehabilitation of moribund ports

By Godwin Oritse

The Central Bank of Nigeria, CBN, has commenced moves to rehabilitate moribund ports across the country to create better efficiency and ease congestion at Nigeria’s ports industry.

Speaking at the third edition of the Nigerian Ports and Trade Investment Forum, Assistant Director, Development Finance Department, CBN, Mr Ayoola Kadiri, said the apex bank is currently looking for investors to bring these moribund ports back to life to grow the country’s export trade.

Kadiri also said that reviving these moribund ports is geared towards de-congesting the existing ports, adding that there is a fund dedicated for this purpose.

He stated: “We are looking for investors that want to invest in moribund ports across Nigeria. There is finance and collaboration from CBN on how these moribund ports can be revived which will help to decongest Lagos ports.

“We are working with the Nigerian Exports Promotion Council. Also the management of the apex bank is working with fiscal authority to see if the port processes can be aligned with our processes.

“We have spoken with the Nigeria Customs Service and the Nigerian Ports Authority because driving that efficiency is very key. This is very critical for the country because the more we drive non-oil export the better for the country.”

Also speaking at the event, Chief Executive Officer of ‘Welcome 2 Africa’, Ms Bamidele Owoola, said it is imperative to address the challenges at the ports.

“Modernizing our ports is not only crucial for enhancing trade efficiency, but also for driving economic development in our nation. And having recently come back from India, I know there is a huge investment and trade interest in Nigeria, so the sooner we improve the ports across the country the better,” she stated.

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