Lagos State secures $629 million loan for Lekki Seaport

The Lagos State Government has secured a $629 million loan from China Development Bank (CDB) to fund the Lekki Deep Seaport, which is billed to commence operation in 2022.

The Lagos State Commissioner for Commerce, Industry and Cooperatives, Dr. Lola Akande disclosed this during the 2021 press briefing to commemorate the second year in office of Lagos State Governor, Mr. Bababjide Sanwo-Olu.

He said, “Current completion percentage as of February 2021 stood at 47 percent, trial operations of the port are slated for the third quarter of 2022 while commercial operations are slated for the first quarter of the year 2023.”

Akande stated that the Lekki deep seaport is being built over 90 hectares of land at the centre of the Lekki Free Trade Zone (LFTZ), which is the first deep seaport to be built in Nigeria on Built Own and Transfer agreement.

The commissioner explained that the project has provided job opportunities for 611 local workers

The construction of the deep seaport began in December 2017 and is expected to be completed in 2023. The Lekki deep seaport, which was initially estimated to cost $1.5 billion is expected to be one of the most modern ports in West Africa and support the growth of commercial operations in the region as well as serve as an alternative to Apapa Ports when it becomes operational.

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