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Monday, 23 March 2015

Funding approved for Nigeria’s $1.5bn Lekki port

Financial terms for loans to develop the $1.5 billion Lekki port in Nigeria have now been agreed by the consortium of six banks providing funding for the project, according to managing director of the port, Haresh Aswani.

Alongside an estimated $118million provided by the Nigerian Ports Authority (NPA) a consortium of six banks has now backed the project including the African Development Bank (AfDB), the African Finance Corporation (AFC), European Investment Bank (EIB), Standard Chartered Bank, Rand Merchant Bank (RMB) and Standard Bank.

The proposed deepwater port will be a public private partnership project between the Federal Government, represented by the NPA, the Lagos State Government and Singapore’s Tolaram Group.

Once complete it will feature a container terminal with annual capacity of up to 2.5 million TEUs as well as a liquid bulk terminal of capacity 16.7 million tonnes, and a dry bulk terminal capable of accommodating Panamax vessels.

The consortium has now agreed terms with Tolaram Group which is undertaking development of the port via its subsidiary Lekki Port LFTZ Enterprise (LPLE). LPLE holds a 45-year concession to build and operate the Lekki deep water port within the Lagos Free Trade Zone (LFTZ). Construction work will be handled by China Harbour Engineering Company (CHEC).

Work is expected to start this year with a first phase completed by 2018.

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