Lekki Port Signs US$629m Facility Agreements with China Development Bank – AutoReportNG
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Lekki Port Signs US$629m Facility Agreements with China Development Bank



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Lekki Port LFTZ Enterprise Limited (LPLEL), a special purpose vehicle for the construction of Lekki Deep Sea Port at the Lagos Free Trade Zone, has announced the signing of a US$629 million facility agreements with the China Development Bank (CDB) for the construction of the port which is to be Sub-Saharan Africa’s deepest port and Nigeria’s first deep seaport.

Four major agreements; Facility Agreement, Sponsor Support Agreement, Completion Guarantee Agreement, and the Tripartite Keep well Agreement as well as seven security documents were signed between LPLEL and CDB.

Speaking at the historic ceremony on Wednesday, October 23, 2019, the Governor of Lagos State, Babajide Sanwo-Olu stated that the project is another milestone that would contribute greatly to fast-tracking the delivery of the port’s infrastructural development and construction as well as fostering the economic prosperity of the state and the nation as a whole.

“This is a new beginning for us in Lagos. We have achieved another milestone in our efforts to transform the state and accomplish the 21st-century economy. As a government, we will do all that is possible to ensure the terms of the agreement signed today are delivered”, Sanwo-Olu said.

Delivering his remarks at the signing ceremony, the Managing Director (Africa), Tolaram Group – promoters of the port, Mr. Haresh Aswani described the facility agreements as a major step towards the realization of the Lekki Port project by ensuring the availability of the necessary funding required to complete the project.

Aswani noted that the agreement signing is a symbolic milestone in the company’s decade-long journey to deliver the world-class deep-sea port which would change the narrative of Nigeria’s maritime sector and serve as a very important catalyst for economic development and the general well-being of Nigerians.

Aswani solicited the continued support of the Federal Government and Lagos State Government especially in the area of road infrastructure enhancement to enable a seamless construction and operation of the port after completion.

Lekki Deep Seaport

“Lagos State has started on these works but we have now reached a stage where the remaining critical roads need to be built and enhanced. We look forward to your continuing support in delivering this for the success of the Port Project and benefit of Lagos State, Nigeria, and all Nigerians”, he added.

In his own welcoming remarks, the Chairman, LPLEL, Mr Biodun Dabiri stated that the facility agreements are fundamental to the successful delivery of the Lekki Deep Sea Port as the transshipment hub of Africa that will inadvertently boost Nigeria’s economy, provide massive direct and indirect employments, generate revenue for the nation and boost the Gross Domestic Product of the country.

Dabiri noted that the facility agreements’ funds when combined with foreign direct investment of over $230 million through equity injection by China Harbour Engineering Company (CHEC), the company has reached financial closure and can squarely focus on the successful delivery of the seaport project.

Lekki Port Lekki Deepsea Port Sanwo-Olu At Lekki Port

Dabiri stated “The impact of the port on the Nigerian economy would be immense, creating over 200,000 direct and indirect jobs and generating about $360billion over the period of the concession. It will also generate the much needed foreign exchange thus boosting the Nation’s GDP”. Furthermore, he stressed that the project is very strategic to the economic development of the Lekki Free Zone and would definitely attract huge investments to the zone and Nigeria generally.

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