The Nigerian Ports Authority (NPA) has disclosed that the review of ports concession agreements have reached advanced stage and would be signed in by December.
This may engender a new regime that will herald improved ports efficiency in the country’s maritime sector.
Managing Director of NPA, Hadiza Bala Usman, who said this at the on going African conference of International Association of Ports and Harbours (IAPH) in Abuja, said the NPA is working with the World Bank, terminal operators and other stakeholders to ensure that the agreement comes out as a perfect document.
The subsisting concession agreement, which was signed in 2006, authorised some terminal operators to operate sections of the seaports in handling cargos and allied businesses.
However, there have been yearnings from operators and regulators for its review due to lapses identified in the existing regime.
Bala Usman said the review will be more definite on sanctions for operators and regulator in the event of default, redefine the Guarantee Minimum Tonnage (GMT), as well as address smuggling of vehicles and rice into the country.
Besides, she said the plan would also attract private investors to Nigerian ports and assured of government’s determination to continue to provide necessary infrastructure at the ports.