In an effort to enhance efficiency and alleviate congestion in Nigeria’s ports industry, the Central Bank of Nigeria (CBN) has initiated plans to revitalize dormant ports nationwide.
Mr. Ayoola Kadiri, Assistant Director of the Development Finance Department at the CBN, announced during the Nigerian Ports and Trade Investment Forum that the apex bank is actively seeking investors to rejuvenate these idle ports, thereby bolstering the country’s export trade.
Kadiri emphasized that this initiative aims to ease congestion at existing ports and highlighted the existence of a dedicated fund for this purpose.
CBN partners with key stakeholders
The CBN is collaborating with various stakeholders, including the Nigerian Exports Promotion Council, fiscal authorities, the Nigeria Customs Service, and the Nigerian Ports Authority, to streamline port processes and enhance efficiency.
Addressing the challenges at the ports is considered vital not only for trade efficiency but also for spurring economic development in the nation, as expressed by Ms. Bamidele Owoola,CEO of ‘Welcome 2 Africa,’ who underscored the urgency of modernizing ports across the country.