The development of Nigeria’s first deep sea port is moving forward following financial consultation on the delayed project.
Linklaters has advised China Development Bank as arranger and lender on the $629m financing of the Lekki Port project in Nigeria. The project is sponsored by China Harbour Engineering Limited (CHEC) and Tolaram Port Investment Inc. under a concession originally granted by the Nigerian Port Authority in April 2011.
The financing is for the development and operation of the first phase of the concession, consisting of a container terminal with two berths located in the Lagos Free Trade Zone in Lagos State, Nigeria.
Project operations will be managed under a sub-concession arrangement with CMA Terminals Nigeria, a joint venture company owned by French container transportation and shipping company CMA CGM and CHEC.
The successful closing of this financing will, after many years of delay, now enable the construction and operation of Nigeria’s first deep sea port. Upon completion, Lekki deep sea port will become one of Africa’s deepest draught ports. This will help accommodate larger vessels and establish Nigeria as the primary trans-shipment hub in the region.
Courtesy: PORT STRATEGY.