Sanwo-Olu hails $629m funding for Lekki seaport

The Lagos State Governor, Babajide Sanwo-Olu says the investment of 629 million dollars by China Development Bank (CDB) on the Lekki Seaport project is a major milestone for infrastructure development in the state.

Sanwo-Olu said this on Wednesday, October 23, in Lagos, while witnessing the signing of four agreements with China Development Bank (CDB).

This was contained in a statement that the agreement was another milestone for the state in commerce, as the signing had ended period of uncertainty that had trailed the delivery of the Lekki Seaport project.

He said the completion of the project would invigorate the Lagos economy and push it up in the index of largest economies in the world.

“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.

“We expect that the outcome will catalyse Lagos’ fifth-largest economy and take it up more in the index of largest economies in years to come,” Sanwo-Olu said.


Sanwo-Olu said that in the coming weeks, more trade agreements would be signed with foreign investors.

He said that his administration would continue to explore investments and partnerships that would accelerate growth and benefit residents of the state.

The 629 million dollars financing facility is 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 Ltd (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.

The Chairman of Lekki Port Board of Directors, Mr Biodun Dabiri, said that the development of the seaport was strategic for the growth of Lekki Free Trade Zone.

Dabiri said that it would make an immense impact on the nation’s economy by creating more than 200,000 jobs.

He said that it would generate about 350 billion doll0ars in revenue for the state over the period of the concession.

“The loan represents a significant milestone, which when combined with foreign direct investment of 230 million dollars through equity injection by CHEC, will ensure successful delivery of the seaport.

Dabiri said the concessionary agreements had the support of both the federal and the Lagos governments.

He said that the investors agreed with the terms and conditions laid down by the Nigeria Port Authority (NPA) and Lekki Worldwide Investment.

Ng daily

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