Lekki Deepsea Port project commences in July 2015

Vunderkind

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Tolaram Group, the major sponsor of the Lekki Deepsea Port project, has assured that the Port project which is expected to gulp about $1.5 billion will begin full construction work in July 2015.

During a courtesy visit of Mr Habib Abdullahi, Managing Director of the Nigerian Ports Authority (NPA), to the Port situated at the Lekki Free Trade Zone on Thursday 19th, 20th, it was stated that the Federal Government had committed the sum of $118 million to the development of the project.

Abdullahi said as at 2014, the federal government had paid a total of N1 billion to the development of the project. He said the project would be an eye opener to other projects in the country.

Abdullahi said, “The total amount of the federal government’s stake in this project is $118 million, what we had as at last year was N1 billion and we have already paid that. We have already started making payments on this because there was an allegation that the federal government have not started making payments, that is totally wrong, we have already paid our own dues as at last year,

“For the year 2015, we have made enough provision to pay up the remaining amount that is due to us. It is still with the government but we have already made an agreement with them and we will pay it up by the end of the year.

“When completed, this project will be an eye-opener that will attract other investors and it will also inspire the construction of other proposed deepsea ports, like the Badagry Deepsea port, Olokonla port in Ogun state, Ogidigben port in Delta state, and the Ibom Deepsea port in Akwa Ibom state.

“This project will drive the economy and bring economy growth to the country, it will yield employment, it will be of great advantage to Lagosians and Nigerians as a whole, it will be a hub of West Africa to bring export promotions into the state and will transform the whole economy as promised by President Goodluck Jonathan.

Also at the event, the Managing Director of Lekki Port Project, Mr Haresh Aswani, said the port will be built within 40 months and the Lekki Free Trade Zone would be the largest industrial city in Nigeria.

The 6 financial institutions backing up the project are African Development Bank, European Investment Bank, Standard Bank, Standard Chartered Bank, Diamond Chartered band and AFC. There would be a financial close by September 2015.

Aswani said, “While we are building the port, industries will come up to build their projects, knowing that the port is coming up, cumulatively, it is a 10 years programme.

“We are working very closely with the Lagos State Government on a master plan. They have gotten approvals already for new roads to be built, we are working very closely with the Federal Ministry of Works at the federal level, to built more roads for the purpose of evacuation of cargo. We have a proper road study done and shared with the Lagos state Government.

“Apart from the Lekki Port Project, Dangote Group and 4 other major projects are also coming up to transform the area. It will be the deepest Seaport outside of South Africa in Africa. The investments that will be coming into the region when it is fully operational will exceed $25 billion.

“In the meantime, we are going to give instruction to China Harbour Construction Company to proceed with the construction. This will take effect probably in the month of April and we expect them to be fully on ground in July. By then, we expect them to have started full construction of the project.

“We are pleased with the project and it has been a learning process for us. Congratulations to Lagosians and Nigerians on this project.” he concluded.
 
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