Lagos Secures $629m Loan for Lekki Deep Seaport Project

By Segun James

The Lagos State Government has secured a $629 million loan to fund the Lekki Deep Sea Port Enterprise Limited’s project.

This was disclosed by the state Commissioner for Commerce, Industry and Cooperatives, Dr. Lola Akande.

The loan, according to Akande, was secured from China Development Bank (CBD), to facilitate the construction and development of the project and its early targeted operation in 2022.

He said: “Current completion percentage as at February 2021 stood at 47 per cent, trial operations of the port is slated for third quarter of 2022 while commercial operations is slated for first quarter of year 2023.”

Akande explained that the project has provided job opportunities to 611 local workers during the 2021 ministerial press briefing to commemorate the second year in office of Lagos State Governor, Mr. Bababjide Sanwo-Olu.

He said that the Lekki deep seaport is being built over 90 hectares of land at the centre of the Lekki Free Trade Zone (LFTZ), which is the first deep seaport to be built in Nigeria on Built Own and Transfer agreement.

The construction of the deep sea port began in December 2017 and is expected to be completed in 2023.

The Lekki deep sea port, which was initially estimated to cost $1,5 billion, 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 an alternative to Apapa Ports when it becomes operational.