Hope rises as construction kicks off at $1.5bn Lekki deep seaport

Keeping up with its promise to deliver the highly anticipated Lekki deep seaport project by 2018, Tolaram Group, promoter of the project, says they have commenced main construction work at the port site, already branded as a game-changer in the history of Nigeria’s maritime sector.

The construction work, though still in its preliminary stage at the waterfront section, will metamorphose into full-scale construction by July this year, when the main contractor, China Harbour Engineering Company (CHEC), would have deployed all the necessary equipment to site.

Already touted as one of Nigeria’s biggest seaport project, the Lekki Port is expected to berth a modern, efficient facility that will on delivery fill a likely significant gap in projected demand and capacity and as well act as a catalyst to the development of the largest industrial city in Nigeria – Lagos Free Trade Zone (LFTZ).

Announcing the commencement of the construction phase to journalists recently in Lagos, Haresh Aswanyi, managing director, Lekki Port, says after several years of planning the main construction work is set to take-off.

Haresh, who is optimistic that within the next few months the Lekki area will be energised with the construction sounds of a world-class deep seaport in progress, also says that the port definitely positions Nigeria to host the highest cargo throughputs in West Africa, with investments exceeding $25 billion.

He also highlights the significant milestones achieved over the last 18 months of the project development, saying that just like the Lagos State government that has fully paid its equity contribution, the Nigerian Ports Authority (NPA) is also eager to complete the balance of its equity contribution by year end.

“The promoters have also infused their share of equity contribution and the financial close process is proceeding satisfactorily,” the managing director says, adding that serious commitment has also been made by key members of the proposed lending consortium including African Development Bank (AfDB) and European Investment Bank (EIB).

In addition to bridging the capacity deficit, the Lekki Port will have significant positive impact estimated at $361 billion over the concession period. The port is estimated to contribute more than

$200 billion to government’s exchequer and in addition create close to 163,000 new jobs.

These numerous advantages, Habib Abdullahi, managing director, NPA, who was also at the port on an assessment tour, says will no doubt drive economic development in a holistic manner through all tiers of government.

Abdullahi, who applauded Tolaram Group for the confidence in Nigeria’s economy, commends the Lagos State government for being a dependable partner in progress through the project planning and conceptualisation phase.

According to him, while the NPA holds a 20 percent equity stake in Lekki Port, the Federal Government is also committed to delivering other ports in different parts of the country, as in no distant time, Nigeria will become a hub in port activities in the West African sub region.

ODINAKA MBONU