As part of its oversight function to monitor the performance of concessioned firms, the Senate Committee on Privatisation, led by Senator Sunday Marshall Katung, has pledged to expedite the renewal of expired port concession agreements.
This assurance was given on Wednesday during the committee’s visit to the Ports & Cargo terminal at the Tin-Can Island Port in Lagos. Ports & Cargo, a subsidiary of Sifax Group, is among the terminal operators with expired concession agreements.
Senator Katung stated that the visit aimed to understand the challenges faced by port terminal concessionaires and propose solutions to enhance the maritime sector’s contribution to Nigeria’s Gross Domestic Product (GDP). He also assured that the committee would work closely with relevant government agencies to facilitate faster concession renewals.
The meeting addressed broader industry issues, including the implementation of single-window cargo clearance systems and the development of inland ports to alleviate congestion at Lagos port terminals.
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