More than six months after awarding the long-awaited Lagos ports renovation project to ITB Nigeria, a subsidiary of the Chagoury Groupowned by Nigerian-Lebanese billionaire Gilbert ChagouryNigerias Federal Government has approved a sum of N1.4 trillion 1 billion for the modernization of the Apapa and TinCan Island seaports in Lagos.
Nigeria targets efficiency with port modernization
The Apapa and Tin Can Island ports handle the majority of Nigerias imports and exports. The modernization plan aims to expand capacity, improve cargo handling and bring operations in line with international standards. The initiative is part of the Ministry of Marine and Blue Economys 10-year development strategy designed to boost efficiency and attract private investment into Nigerias maritime sector.