The signing of the agreement followed the National Council on Privatisation's approval of the technical and commercial bid of $100.78 million submitted by Ocean $ Cargo Terminal Services Limited on June 18, 2018.

According to the Director General of the Bureau of public enterprises, Mr Alex Okoh, the objective of the Federal Government in the port concession was to increase efficiency in the country's ports and improve services delivery.

He added that the process was also intended to modernize port development, reduce the cost of shipping and clearing goods at the ports and relieve the government of the burden of financing the sector. However, the Warri Port had undergone some facilities upgrading recently before the concession agreement.

The BPE boss signed the agreement on behalf of the government while the Chairman of Ocean & Cargo Terminal Services, Dr Taiwo Afolabi, signed on behalf of the company.