Lekki deep seaport: Lagos secures $629m loan to fund project

Lagos State Government said it has secured a loan of $629 million to finance the ongoing Lekki Deep Sea Port Enterprise Limited, LPLEL, billion-dollar project.

Commissioner for Commerce, Industry, and Cooperatives, Dr. Lola Akande, disclosed this on Monday, at the year 2021 ministerial press briefing to commemorate the second year in office of Governor, Bababjide Sanwo-Olu, held in Alausa, Ikeja.

Lekki deep sea port is being built over 90 hectares of land at the centre of the Lekki Free Trade Zone, LFTZ, approximately 60 kilometer east of Lagos. It is the first deepsea port to be built in Nigeria on Built Own and Transfer agreement.

Construction of the initial budgeted $1.5 billon deepsea port began in December 2017 and the project is expected to be completed in 2023 after been reviewed.

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 9 kliometres-long and 19 metres -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.