The Lekki Port LFTZ Enterprise Limited, developers of the Lekki deep port in Lagos, Nigeria, has received the first instalment of $60 million towards the cost of construction.
It would be recalled that in 2019 a loan facility agreement for $629 million was entered into with the China Development Bank. Principal stakeholders including the Deputy General Manager, China Development Bank, Mr. Zhang Aijun and the Lagos state Governor, Mr. Babajide Sanwo-Olu were at the signing ceremony of the facility i Lagos
Managing Director of Lekki Port LFTZ Enterprise Limited, Du Ruogang, said the development company had satisfied all conditions required for the release of the funds.
Du Ruogang said this meant the port development can go ahead with construction towards the aim of delivering a world-class deep seaport and to ensure that commercial operations commence before the end of 2022.
As envisaged, the project calls for a multi-purpose, deepwater port in the heart of the Lagos Free Trade Zone (LFTZ) will become one of the deepest seaports and most modern ports in the sub-Saharan African region.