Lekki Port LFTZ Enterprise Limited(Lekki Port) has announced that the Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello-Koko, will represent NPA on its Board of Directors, with effect from April 20, 2022.
Also, Mr Zhang Lianjiu, Executive General Manager of the investment business unit of China Harbour Engineering Company, was approved to serve as a director of Lekki Port, representing the interests of China Harbour, the majority shareholder of Lekki Port.
NPA holds a five per cent equity shareholding in Lekki Port. The other shareholders are China Habour Engineering Company (CHEC) which has the majority share of 52.5 per cent, Lagos State Government with 20 per cent, and Tolaram with 22.5 per cent.
Spread over 90 hectares of land in the heart of the Lagos Free Zone, Lekki Port is situated just 65 kilometers east of Lagos city. The western boundary of the site lies east of Magbon Segun village while the eastern margin lies west of Itoke village. The Atlantic Ocean forms the southern boundary of the site and is bounded on the North by the old Ibeju-Lekki road between Eleko and Akodo.
The major roads and highways around the Port include old Ibeju-Lekki road, Lekki-Epe Expressway, Ikorodu road, Ikorodu-Itoikin-Ijebu-Ode road, Itoikin-Epe road, Lagos-Ibadan Expressway and Sagamu-Benin Expressway.
In addition to this existing network, a number of new key road and bridge projects and expansion of existing highways are under development, connecting Lekki Port further into the hinterlands.
The development of Lekki Deep Sea Port was conceptualized on the basis of a significant gap in projected demand and capacity.
The strategic location, flexible and optimized layout and modern facilities provide Lekki Port with a distinct competitive edge over any other port facility in West Africa.
In addition to bridging the capacity deficit, Lekki Deep Sea Port is expected to have a significant positive impact estimated at $361 billion over the term of the concession. It is expected to contribute more than $200 billion to the government exchequer and create close to 170,000 new jobs.
Furthermore, Lekki Port is expected to spur the economic development around the Lekki sub-region and the wider Lagos State through rapid industrialization.
The Project enjoys a development structure that is the first of its kind in Nigeria. This is the single largest private investment in infrastructure in Nigeria being developed on a non-recourse project finance basis with the majority of financing being raised internationally.
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