Lekki Seaport in 30 Months…Lagos Signs Four Agreements with China Development Bank, Including $629m Financing Facility

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Lagos State Government Wednesday signed four agreements with China Development Bank (CDB), including $629 million financing facility, to accelerate the completion of the Lekki Deep Seaport project, which started in 2011.

The loan was secured from the Chinese bank after China Harbour Engineering Company (CHEC), which owns majority shares in the project, signed a 45-year concessionary agreement with Lekki Port LFTZ Enterprise Limited (LPLTZ) to complete the Phase 1 of the deep seaport project.

Nigeria’s first deep seaport would be delivered in Lekki in 30 months.

The signing ceremony was witnessed by Lagos State Governor, Babajide Sanwo-Olu, Oba of Lagos, Oba Rilwan Akiolu, Consul General of Chinese Embassy in Lagos, Chu Maoming, and representatives of key stakeholders in the projectamong others.

Other agreements signed by the CDB, CHEC and LPLEL include Completion Agreement; Sponsor Support Agreement; and Tripartite Keep Well Agreement.

After completion, the deep seaport would have two container…

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