We took a major step in our quest to open up Lagos to more global trade with the signing of $629 million funding for the Lekki Deep Seaport by the Chinese Development Bank. The port will undoubtedly unlock more economic opportunities and boost employment generation for the state.

Tolaram Group, the parent company of the Lekki Port LFTZ Enterprise Limited, has successfully concluded negotiation and will be signing off a US$629 million loan facility agreement with China Development Bank (CDB) for the construction of the Lekki Deep Seaport, BusinessDay has learned.

This, according to a source close to the Group, is a major step towards the financial close on the funding for the construction of Nigeria’s first deep seaport project, estimated to gulp over $1.6 billion.

According to the source, this loan facility would enhance massive construction work at the site and would also ensure timely completion of the port project, which has gone far with the ongoing construction of breakwaters at the port site.

Meanwhile, BusinessDay can recall that the port project is jointly financed by a consortium of six banks, which include the African Development Bank (AFDB), the European Investment Bank (EIB), Standard Chartered Bank (SCB), RMB, Africa Finance Corporation (AFC) and Standard Bank.


https://businessday.ng/business-economy/article/lekki-port-lftz-finally-secures-629m-loan-from-chinese-bank-to-fund-project/

He said that upon completion, the port would help shippers to achieve economy of scale in shipping, which requires a larger vessel to lower the cost of freight per Twenty-foot Equivalent Units (TEUs) that comes to Nigeria.

“Shipping companies are building bigger vessels and the draft needs to be bigger as well to accommodate them,” he added.

It was proposed that the multi-purpose port would cover an area of 90 hectares with three container berths, long dry bulk berths, and three liquid berths. Initially, the port would handle close to 1.5 million Twenty-foot Equivalent Units (TEUs) of containers annually, and this would be upgraded to 2.5 million TEUs in the future.

The channel would be dredged to 14 meters depth, which would be deepened to 19 meters as traffic grows while the breakwater, which protects the vessels from the waves, is 1.5 kilometres long.

donbachi:
Can't they secure funds for the future of nigerians?..each person gets like 20million naira...always securing for themselves,children and associates

Guestlander:
This is huge. Lagos is gearing up for real commerce.

iskoki:
What's Bourdillon's percentage inside, let us know now?

NGpatriot:




This is the ultimate game-changer for Lagos state and Nigeria.

Nyamuri:
That's why nyamuri flat.heads are trooping to Lagos on a daily basis from their potopto/erosion/HIV prone region

iskoki:
What's Bourdillon's percentage inside, let us know now?

Guestlander:


Absolutely. The FTZ will attract more investors just because of the port.

NGpatriot:



Plus Dangote refinery.

The largest single refinery in the world.

The largest fertilizer plant in Africa, second largest in the world.

The largest petrochemical plant in Africa

The largest gas plant in Africa,

All within the same FTZ, the largest FTZ in Africa.

The economic and job creation including IGR effects in this single zone are immense and astronomical.

The project is strategic for the economic growth of Lekki Free Zone, as it would support the massive industrial and petrochemical complex being embarked on in the Northern and Southern quadrant of the zone with investment over the next three years peaking at over $20 billion.

With Lekki Airport in view, there will be an emergence of a Harbour City which would be internationally connected by air and also with world-class integrated transport network of roads, rail and bridges.”

https://lagosstate.gov.ng/blog/2019/10/23/lekki-seaport-chinese-investor-injects-629-million-to-complete-project/

Earlystar698:
Watch how this money will be spend and close like Nigeria border

danilmo:
If this is what Tinubu product is gearing. I better prefer his type of labelled thief.. hmm..

Tinubu is the one complete hell of a visionary leader..

yamiri won't like him but they prefer to stay in his City,

God bless Sanwo Olu
God bless Tinubu
God bless Lagos state.
God bless SW