US$1.3bn approval for Lekki deep-sea port

“ICTSI is pleased with this latest development, which greatly supports the development and implementation of our container terminal in Lekki, which is an integrated part of the larger Lekki Port project. ICTSI is the investor and operator of the container terminal at this port,” Jens Floe, senior vice-president of ICTSI Africa, told CM.

The Nigerian Minister of Transport, Senator Idris Umar, announced this week that the project, which is expected to be completed within the next four years, is to be constructed under a public private partnership (PPP) arrangement on a concession basis for a period of 45 years, after which it will revert to the federal government.

The federal government will hold 20% equity in the project, with the Lagos state having 18.5%; the remaining 61.85% will be held by private investors.