Home > Overseas Investment News > Chinese investors inject N192.1bn to complete Lekki Seaport
Chinese investors inject N192.1bn to complete Lekki Seaport
2019-10-24
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L-R: Vice President of China Harbour Engineering Company (CHEC), Mr. Wu Di; Deputy General Manager, China Development Bank, Mr. Zhang Aijun and Lagos State Governor, Mr. Babajide Sanwo-Olu during the signing of Agreement for the funding of Lekki Deep Seaport project between the Chinese Development Bank and Lekki Free Trade Zone Company Limited, at the Eko Hotel and Suites, Victoria Island, on Wednesday.
 
In 30 months, Nigeria’s first deep seaport will be delivered in Lekki, a coastal community in the nation’s commercial nerve centre, Lagos State.
 
On Wednesday, Governor Babajide Sanwo-Olu witnessed the signing of four agreements with China Development Bank (CDB), including $629 million (192,159,500,000) financing facility, to accelerate the completion of the Lekki Deep Seaport project, which started in 2011.
 
The loan was secured from the Chinese bank after China Harbour Engineering Company (CHEC), which owns majority shares in the project, signed a 45-year concessionary agreement with Lekki Port LFTZ Enterprise Limited (LPLTZ) to complete the Phase 1 of the deep seaport project.
 
After completion, the deep seaport would have two container berths of 680-metre long and 16.5-metre water depth. It will also have the capacity to be berthed by fifth generation container ships, which has a capacity of 18,000 TEU ship.
 
Governor Sanwo-Olu described the development as “another milestone” for the State in infrastructural development and commerce, saying the signing of the agreements ended period of uncertainty that had trailed the delivery of the project. He noted that the completion of the project would invigorate the Lagos economy and push it up in the index of largest economy in the world.
 
He said: “This is a new beginning for us in Lagos. We have achieved another milestone in our efforts to transform the State and accomplish the 21st century economy ambition. As a Government, we are fully in support of the project. We will do all we can to ensure the terms of the agreements signed today are delivered within 30 months as agreed and we expect the outcome would catalyse Lagos’ fifth largest economy and take it up more in the index of largest economies in years to come.”

Source: P.M NEWs
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