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Lekki Deep Sea Port Project receives USD 221 mn funding from CHEC

Monday, 04 May 2020
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Lekki Deep Sea Port Project, which is currently under construction at the Lagos Free Trade Zone in Ibeju-Lekki, Nigeria, has received an infusion of over USD 221 million equity funding from the China Harbour Engineering Company (CHEC). 
 
The project was awarded to Lekki Port LFTZ Enterprise by the Nigerian Ports Authority on a build, own, operate and transfer (BOOT) agreement. 
 
Under this agreement, the company will develop, finance, build, operate the port for a period of 45 years and transfer it to the Nigerian Ports Authority thereafter.
 
The project is the single largest private investment in infrastructure in Nigeria being developed on non-recourse project finance basis with majority of financing being raised internationally. 
 
Upon completion, Lekki Deep Sea Port will be sub-Saharan Africa’s deepest port and Nigeria’s first deep-sea port with a total of three container berths, one dry bulk berth and three liquid berths which are key in bridging the current capacity deficit of the port. 
 
Lekki Deep Sea Port will encourage economic development around the Lekki sub-region and the wider Lagos State through rapid industrialisation.

 

 
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