Singaporean investors to stake N195b on Lekki port project


THURSDAY, 09 DECEMBER 2010 00:00 BY TAIWO HASSAN BUSINESS SERVICES - BUSINESS NEWS

A THIRD maritime gateway may soon emerge in Lagos, as investors from Singapore have concluded plans to invest about $1.3 billion (N195 billion) on Lekki Port, at the Lekki Free Trade Zone, in Lagos.

Stating this during a facility tour of the Apapa Terminal Ports/Tincan Island Terminal Ports in Lagos, on Tuesday, the leader of the Singaporean delegation, Mr. Mathew Chang, said the mission was to understudy the nation’s two biggest and largest ports, to identify the required technology needed to build the proposed Lekki terminal.

According to him, the terminal would be the first deep sea port in the whole of West Africa, with the state-of-art-technology.

Chang explained that the government of Singapore was interested in the completion of the port, which he said, was strategic to both countries in their economic ties.
The Lekki port has been projected to come on-stream in 2015.

Besides, the port would be an export and import terminal, with a draft of 40 metres, expected to contain volume of containers at a particular time.

During the delegation’s courtesy visit to the Nigerian Ports Authority (NPA), in Lagos, Chang said that Nigeria possesses the hub for African market in the maritime sector, adding that their intention was to compliment the abundant potentials the country possesses in the sector.

Chang, who was representing JURONG Port in Singapore said that the Environmental Impact Analysis on the Lekki terminal had been completed, noting that major construction work was ongoing, with the aim of delivering the project ahead of the scheduled period.

The Managing Director of NPA, Mohammed Abdulsalam, said the coming of the investors was strategic not only to the nation’s maritime sector, but to the economy as a whole.

Abdulsalam stressed that NPA was encouraged by the keen interest shown by the investors in Africa, and by choosing the Nigerian maritime sector.
According to him, government would provide an enabling environment to operators of the Lekki Free Trade Zone to ensure that all investments in the area are aimed at the nation’s economic growth.

He said that the authority has been working with the promoters of the Lekki terminal project to ensure that it is successful, adding that the project was very strategic for economic growth because of its strategic nature and where it was sited.
According to him, the setting up of the nation’s two biggest and largest ports in the city was already generating lots of challenges especially in the area of traffic jams and congestion, adding that the setting up of the Lekki Port Terminal, would open other business potential opportunities for importers/ exporters of goods and services.

“Most of our ports are located in the cities. Traffic is the major challenge that we are having now. Already, there is traffic being caused by port activities. So, we see the Lekki port project is strategic to the nation’s economy, because of its efficiency and location as it would open other doors of opportunities to importers and exporters of goods and services, “ he added.

http://www.guardiannewsngr.com/index.php?option=com_content&view=article&id=31789:singaporean-investors-to-stake-n195b-on-lekki-port-project&catid=31:business&Itemid=562

Lets go there