Lekki Deep Port draws down $60m of $629m loan facility

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Factual Pursuit of Truth for Progress

 

Lekki Port LFTZ Enterprise Limited has received US $60 million, the first phase of a US $629 million loan from China Development Bank for the construction of Lekki deepwater port.

The company signed a US $629 million loan arrangement agreement with China Development Bank in Lagos in 2019 to finance the deepest seaport in sub Saharan Africa.

Chief Executive Officer, Lekki Port LFTZ Enterprise Limited, Du Ruogang, said the first loan funds had been received on Thursday, April 29, 2021, as the company had met all the prerequisites for the release of funds.

Du ruogang expressed appreciation to the Federal Department of transport, the Lagos government and the Nigerian Port Authority (NPA) for all their support in this regard.

He said the first loan received was a major breakthrough in delivering world-class deep-water ports by 2022 and ensuring the start of commercial operations.

The Lagos Free Trade Area was established in 2012 to enhance the economic status of Lagos as a manufacturing and logistics center in West Africa.

Lekki deep-water port will reduce congestion at APAPA port in Lagos. It will be four times the size of APAPA port and will be built by CHEC.

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