Lekki deep seaport project gets fresh $629m loan

Lagos State Government says it has secured a loan of $629m to finance the ongoing Lekki deep seaport project.
The state Commissioner for Commerce, Industry and Cooperatives, Dr Lola Akande, disclosed this on Monday, at the 2021 ministerial press briefing to commemorate the second year in office of Governor, Bababjide Sanwo-Olu.
The Lekki deep seaport is being built over 90 hectares of land at the centre of the Lekki Free Trade Zone, approximately 60 kilometre east of Lagos. It is the first deep seaport to be built in Nigeria on Built Own and Transfer agreement.

It received an infusion of over US $221m equity funding from China Harbour Engineering Company last year.

According to Akande, the latest loan secured from China Development Bank, is to support, falicitate the construction, development of the giant project and early operation in year 2022 targeted period.
“Current completion percentage as at February 2021 stood at 47 per cent, trial operations of the port is slated for third quarter of year 2022 while commercial operations is slated for first quarter of year 2023,” she stated.
Akande explained that the project had provided job opportunities for 611 locals: 32 local skilled workforce, 513 local semi-skilled and 66 local un-skillled labour.

Construction of the initially budgeted $1.5 billon seaport began in December 2017 and the project is expected to be completed in 2023 after a review.
The multi-purpose Lekki port will have container, liquid and dry bulk terminals to serve container vessels of up to 8,000TEUs (20ft equivalent units), dry bulk vessels, and liquid bulk cargo vessels.
A nine kliometre-long and 19-metre deep navigation channel and a 600m-wide turning basin will be built to allow vessels to approach or leave the port.
A 1,500m breakwater structure and a 300m secondary breakwater structure will be constructed for safe handling of vessels. Other facilities at the port will include a 6km-long and 14.5m-deep approach channel, quay wall, cargo handling cranes, and three 19m-deep liquid jetties.
When operational, the Lekki deep seaport is expected to be one of the most modern ports in West Africa and support the growth of commercial operations in the region as well as serve as alternative to Apapa Ports.

Akande also spoke on the state of the ongoing construction of Dangote refinery and Petrochemical Industry at the LFTZ, saying the project which had generated over 1,000 jobs, is expected to commence operation by end of the second quarter of 2021.
Akande said that the construction of an integrated petroleum delivery system valued at $230m had been completed.
She said, “Total number of 40 free zone enterprises were in operation as at February 2021,1054 local employment generated between October 2020 and February 2921.
“Though Lagos State Government has no shares in Dangote Group, we stand to benefit from employment opportunities.”