By Isaac Anumihe

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Terminal operators may get a reprieve soon with the Federal Government’s decision to review its policy on payment of dues in dollars by concessionaires.
Speaking recently at an event in Lagos, the Managing Director of Nigerian Ports Authority (NPA), Hadiza Bala Usman, promised the concessionaires that the policy on payment of dues in dollars may be reviewed.
The review comes as operators have been groaning over payment of lease agreement to the NPA in foreign currencies as a result of their inability to source dollars from the interbank market.
The NPA boss said she has assigned the Finance and Administration Department of the authority to look into how to do a “mirror match” of the inflow and outflow of dollars in the agency.
“We would look into the dollarisation of payments. All of these will not be clear until we do a realistic review of the concession agreement. Even for us, some of our obligations that we pay in dollars, we are looking at how we don’t have to pay everything in dollars. As we review the inflow of dollars, we would also review the outflow of dollars so there would be a mirror match.
“I have directed the Executive Director, Finance and Administration, to look into this and they have submitted an interim position on how we can mirror our mixed currency position in the authority. All of this would be concluded as we review the concession agreement,” she assured.
Ms Usman also stated that she was about seeking expression of interest from transaction advisers that would work with the agency to review the concession agreement, which NPA signed with terminal operators in 2006.
“Externally, we are putting out an advert requesting and seeking expression of interest from transaction advisers that would work with us on reviewing the concession agreement. When you look at the provisions for the guaranteed minimum tonnage, you would wonder why we have such numbers.]