The federal government has declared that the more than $800 million in funds needed to renovate the nation’s ports is almost ready.

According to Alabareports, this information was revealed on Thursday by Minister of Marine and Blue Economy Adegboyega Oyetola during the Nigerian Ports Authority’s presentation and inauguration of seven security patrol boats in Apapa, Lagos.

The Nigerian Port Authority stressed the urgent need for significant upgrades when it announced in November that it would devote more than $800 million to port rehabilitation nationwide in the first quarter of 2024, beginning with the Tincan Island and Apapa Ports in Lagos.

Speaking on modernizing the ports, the previous governor of Osun State stated, “We want to be able to compete with any port in the world. We aim to decrease the vessel’s turnaround time, and I believe we are doing it on purpose.

“We must give the President credit. The finances required to restore the port are nearly complete, and work is expected to start shortly.

I express my gratitude to the NPA management for their proactive approach towards enhancing maritime security and safety. We must give security the importance it deserves since it is especially crucial.

“Without bolstering security, we cannot discuss realizing the blue economy’s full potential.”

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