Nigeria FG Saved $16 billion from Port Concession, According to the Terminal Operators.

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According to Seaports Terminal Operators of Nigeria, which represents terminal operators working in the country’s maritime industry, the port concession from 2006 has allowed Nigeria to save $16 billion over the course of 16 years.

The Federal Government started a port reform in 2006, and as a result, private terminal operators were given the right to handle cargo at the port.

Other advantages, include the infusion of private capital into port development, the release of government resources for other forms of development, the elimination of port congestion, modernization of the ports, improved availability of cargo handling equipment, competition among terminal operators, enhanced welfare and training of port workers, and the institution of  a condition of service for dockworkers.

 Haastrup claimed that the economy of the country has benefitted immensely from the port concession.


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