Nigeria's Lekki Port Project Gets First China Funds

The construction of the Lekki Sea Port has seen the Lekki Port LFZ Enterprise Limited receive U.S.$60 million, which is the first instalment of the U.S.$629 million loan facility from the China Development Bank for its construction. Lagos Governor Babajide Sanwo-Olu has been assured that commercial operations at the Lekki Deep Sea Port in Lagos Free Trade Zone (LFZ) will begin in 2023. A big concern is the growing gridlock at the Apapa Sea Port which is causing congestion as trucks collect goods for distribution, despite the Nigerian Shippers' Council implementing digitisation at 70% of the ports. Lekki, which is being constructed by China Habour Engineering Company, will occupy 90 hectares in the entire 830 hectares of land carved out for the Lagos Free Zone, created in 2012 to enhance the economic position of Lagos as manufacturing and logistics hub in West Africa.

 

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