Nigeria, China Partner on Deep Sea Port

Chinazor Megbolu    |

In a bid towards taking development to the next level, Nigeria is partnering China to invest in first Deep Sea Port.

The project, which is first of its kind will be sited in Lekki, Lagos State and it’s also expected to boost development and employment opportunities in the country.

The deal was brokered after Nigeria signed agreements with China Development Bank.

The Lagos State Governor, Babajide Sanwo-Olu, witnessed the signing of four agreements, including a USD 629 million financing facility that would accelerate the completion of the Lekki deep sea port project which took off in 2011.

According to the Chairman, Board of Directors, Lekki Port; “the works on the project would be completed in 30 months.

“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 first phase of the deep seaport project.

“Once completed, the port would feature two 680-meter container berths with a depth of 16.5 meters. As outlined, the port will be capable of handling ships with a capacity of up to 18,000 TEU.

“The loan facility represents a significant milestone, which when combined with foreign direct investment of USD 230 million through equity injection by CHEC, will ensure a successful delivery of the seaport and reposition Nigeria as the transhipment hub in sub-Saharan Africa upon the conclusion of the second phase”.

Meanwhile, CHEC Chairman, Lin Yichong posited the first phase of the project would be built with an annual handling capacity of 1.2 million TEU adding that the capacity would be moved up to 2.5 million TEU upon the completion of the second phase.

 

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