The first Nigerian deep seaport located in Lekki area of Lagos will be ready to begin operations in 30 months, as the backers of Lagos’ future Lekki Deep Sea Port project have signed a $630 million financing agreement with state-owned China Development Bank.
The project represents Nigeria’s path towards the upgrade and enhancement of its maritime sector, as in late September the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, stated that policies of the Government of Nigeria in the maritime sector aim to advance Foreign Direct Investment (FDI) into the industry, announcing his plans to establish an International Maritime Arbitration Centre in Lagos.
Specifically, the loan will assist Tolaram Group, a Singapore-based developer, and China Harbour Engineering Company (CHEC) with the money the need to construct the facility.
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CHEC inked a 45-year agreement with Lekki Port LFTZ Enterprise Limited (LPLTZ) to complete the Phase 1 of the deep seaport project.
When the project is completed, the port will have a water depth of 16.5 meters and two berths of 680 meters in length each. Moreover, it will be able to accommodate container vessels of up to 18,000 TEU.
Phase 1 capacity will reach the 1.2 million TEU annually, following the increase to 2.5 million TEU in Phase 2.
The deepening and expansion projects are expected to ease the congestion taking place at Lagos’ beleaguered Tin Can Island and Apapa Ports.
During the Ceremony, Governor Sanwo-Olu referred to the project as “another milestone” for the state in infrastructural development and commerce. The singed agreement marks the economic development that the port wants to achieve and push it up in the index of largest economy in the world.
Overall, Nigeria is making great steps towards development, not only by improving its port infrastructure, but also now as it supports the presence of women in the maritime sector; Recently, the Managing Director of Nigerian Ports Authority (NPA), Hadiza Bala Usman called stakeholders in maritime to include more women in professional services.
