Uncertainty over the renewal of port concession agreements has forced terminal operators to suspend fresh capital investments, raising fears that Nigeria could forfeit an estimated $6.54 billion in projected revenue.
Industry stakeholders warn that the prolonged delays are stalling expansion plans, equipment upgrades and efficiency improvements across key seaports, at a time when regional competition for cargo traffic is intensifying.
Operators and maritime groups are now calling on the federal government to urgently conclude the renewal process, conduct a comprehensive performance audit of existing concessions, and review port tariffs to restore investor confidence and safeguard long-term growth in the sector.
However, checks by Daily Sun on the World Bank portal show that the terminal operators took over the ports in 2006 and injected an estimated N200 billion in investments within their first decade of operations.
According to the World Bank, the tenure of the Nigerian concession agreements ranged from 15 to 25 years and the estimated revenue to the government from the concession agreement is estimated at $6.54 billion over the period.
