By Lizzy Chirkpi<\/p>\n
The Managing Director of the Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho, has said the policies introduced by President Bola Tinubu\u2019s administration are creating an enabling environment for global investors to explore opportunities in Nigeria\u2019s maritime sector.<\/p>\n
Dantsoho stated this on Tuesday while addressing a select group of international maritime investors at the ongoing World Ports Conference in London. He highlighted Nigeria\u2019s port development prospects and the Federal Government\u2019s commitment to attracting private-sector investment.<\/p>\n
He identified Nigeria\u2019s large population, rapid urbanisation and infrastructure deficits in the ports sector as major investment opportunities for international players seeking to participate in the growth of Africa\u2019s maritime industry.<\/p>\n
The NPA boss, who is Vice-President of the International Association of Ports and Harbours (IAPH) and Chairman of the Port Management Association of West and Central Africa (PMAWCA), described Africa\u2019s largely untapped economic potential as a major attraction for port investment and development.<\/p>\n
He said governments across the continent could no longer bear the enormous financial burden of developing bigger and deeper seaports without substantial private-sector participation.<\/p>\n
\u201cNigeria at independence in 1960 had a population of 45 million people. Today, about 60 years later, there are more than 260 million people. The investment needed in ports to meet this expansion and growth can only happen if the requisite private investment is attracted and retained, which is what President Tinubu has created the enabling atmosphere for,\u201d he said.<\/p>\n
Dantsoho said Nigeria must urgently address its port infrastructure deficits to accommodate larger vessels and increase cargo-handling capacity, particularly for exports.<\/p>\n
\u201cIn Nigeria, we identified that infrastructure gap, especially in our ports\u2019 development, and we realised that we must do something quickly, both in terms of the capacity to receive bigger vessels for import and also the capacity to move higher numbers of cargo for export.<\/p>\n
\u201cAlso, again, it is important to note that the development, growth or expansion of infrastructure is capital-intensive. So, governments in West Africa and across the continent have realised that they cannot fund the development of bigger or deeper seaports alone, hence the need for your investment to move speedily into Africa,\u201d he added.<\/p>\n
Citing the Lekki Deep Sea Port in Lagos as an example of the growing demand for port infrastructure, the NPA managing director said the facility, commissioned about three years ago, had already exhausted its available capacity.<\/p>\n
He said the $1.6bn project, developed through a partnership involving Chinese investors and China Harbour Engineering Company, demonstrated the scale of investment required to expand Nigeria\u2019s port infrastructure and the commercial opportunities available in the sector.<\/p>\n
Dantsoho said: \u201cNigeria has the highest population in Africa, so the pace of growth is something that should concern us. For example, only about three years ago, we commissioned Nigeria\u2019s first deep seaport, the Lekki Deep Sea Port in Lagos. The project was funded by Chinese investors in partnership with China Harbour Engineering Company, at a cost of $1.6bn.<\/p>\n
\u201cBut just about three years later, the capacity of the new deep seaport, Lekki, has been exhausted. This clearly shows that we need more capacity to accommodate the growing cargo volumes.<\/p>\n
\u201cAs the Port Authority, we are happy that we are attracting more cargo, and that volumes are increasing because this is the only way we can also increase our value and the revenue we expect to generate from these transactions.\u201d<\/p>\n
He said the rising cargo volumes reflected a broader growth trend across West Africa, with neighbouring countries also recording increased maritime activities.<\/p>\n
According to him, Nigeria remains the dominant destination for cargo entering the West African subregion because of its population and market size.<\/p>\n
Dantsoho illustrated the disparity by comparing Nigeria\u2019s population with those of neighbouring countries, including Ghana, C\u00f4te d\u2019Ivoire, Togo and the Republic of Benin.<\/p>\n
\u201cThe population of Ghana is 34 million. C\u00f4te d\u2019Ivoire has 32 million, Togo has nine million, while the Republic of Benin has 14 million. So, most of the cargoes that come, mostly from China in this case, will end up in the Nigerian market,\u201d he said.<\/p>\n
He maintained that Nigeria\u2019s expanding market, coupled with the urgent need to upgrade and expand port infrastructure, offered significant opportunities for international investors willing to partner with the government to develop the country\u2019s maritime industry.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Lizzy Chirkpi The Managing Director of the Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho, has said the policies introduced by President Bola Tinubu\u2019s administration are creating an enabling environment…<\/p>\n","protected":false},"author":1,"featured_media":130443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-130486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n