Lekki Deep Sea Port Hit a Snag

 

The deep seaport project is a $1.5 billion public private partnership project among the Federal Government (represented by the Nigerian Ports Authority), the Lagos State Government and the Tolaram Group, a Singaporean investor who are promoters of the project.

 

Lekki deep seaport, Nigeria’s biggest seaport project estimated to cost over $1.55 billion worth of investment capital, has set 2018 as its business commencement date as well as operational take-off date. This is as the construction work of the port project has been estimated to take a total of 47 months.

 

Already, the federal government has paid a total of N1 billion to the development of the project, according to the managing director of NPA, Habib Abdullahi. "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 government has not started making payments. That is totally wrong. We have already paid our own dues as at last year." he said.

 

"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", Abdullahi said.

 

When fully completed, Abdullahi assured that the Lekki Deep Sea Port Project would be an eye-opener that will attract other investors, adding that it will also inspire the construction of other proposed deep sea ports like the Badagry Deep sea port, also in Lagos, Olokola Port Project in Ogun State, the Ogidigben port project in Delta state, and the Ibom Deep sea port in Akwa Ibom State.

 

Six banks in Africa are expected to provide US$1.5bn for the construction of Lekki Port.