NPA Lists Requirements for Investing in Deep-Sea Ports

Haboursandport.com : 

Recently, the Nigeria Ports Authority (NPA) received many proposals for developing deep seaports, including Ibom, Burutu, Bakassi, Bonny, and Port of Benin, which are currently at different stages of review. 

In response to the investor's demand, the Managing Director/ CEO of NPA, Mohammed Bello-Koko, has carefully outlined the requirements for investment in the Deep-Sea Ports project: 

1.
The initial phase involves acquiring land. The availability and suitability of the site are essential for the successful development of the port. 
This process is yet to be accomplished. Although the classic position is for the Authority to acquire the land and grant a concession on it to the private party, recent concessions granted by the government allowed private parties to acquire the land, hold it for an agreed term, and, after recovering the cost, transfer it to the Authority. Examples are the Lekki & Badagry deep seaports. 

2. To undertake this project, the site for the port must be identified, and environmental impact assessments and scientific studies must be conducted to confirm suitability. 

3. Additionally, we must adhere to the PPP process as per the applicable law, which entails submitting the OBC and FBC, obtaining a Certificate of Compliance from the Infrastructure Concession Regulatory Commission (ICRC), and seeking final approval from the FEC. 

4. Therefore, we highlighted the need to submit a business and investment proposal with a financial model that demonstrates the project's recovery period and forms the basis for adopting the PPP framework.

5. Again, it is crucial to emphasize that the port is just one aspect of the overall development of the Industrial Park. 
This development encompasses petrochemicals and various manufacturing facilities. 
The required approvals for these aspects are not within the Nigerian port's jurisdiction. 
They would follow the process under the ICRC Act.