"The upgrade of the ports would lay the foundation for a new era of efficiency, transparency and competitiveness in Nigeria's port system, according to Adegboyega Oyetola, the Minister of Marine and Blue Economy."
"Congestion, delays, and high transaction costs, including indiscriminate extortion along the ports' corridors, have hampered businesses and contributed to rising prices."
"Despite Nigeria having a significantly long coastline, decaying infrastructure and bureaucratic delays often force importers to use more efficient ports in neighboring countries."
Nigerian President Bola Tinubu's recent visit to the UK resulted in a £746 million investment deal to refurbish major trading ports, including Apapa Quays and Tin Can Island. This investment, supported by UK Export Finance, aims to enhance efficiency and competitiveness in Nigeria's port system. Current cargo dwell times average 18 to 21 days, significantly above the four-day benchmark. The modernization is expected to alleviate congestion and high transaction costs, which have hindered trade and contributed to rising prices in Nigeria's economy.
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