Lekki Deep Seaport Project was awarded to Lekki Port LFTZ Enterprise Limited by Nigerian Ports Authority on a Build, Own, Operate and Transfer (BOOT) agreement. Under this agreement, LPLEL is required to develop, finance, build, operate the port for a period of 45 years and transfer it to NPA thereafter. Slated for completion in 2020, the Project is the single largest private investment in infrastructure in Nigeria being developed on non-recourse project finance basis with majority of financing being raised internationally. Below is Lekki Deep Seaport Project timeline and all you need to know about the project from beginning to the present date.
Design of business plan, EIA
Concluded various feasibility studies
EPC contract SHA
FEC Approval, Mof guarantee
NTP to EPC contractor
Financial close achieved
Construction kicks off
US $629m financing agreement was signed by China Development Bank (CDB) with the government of Nigeria.
Construction of Chele camp completed.
Visit to the construction site by external parties suspended due to the COVID-19 (Coronavirus) pandemic.
An infusion of over US $221m equity funding received from China Harbour Engineering Company (CHEC).
In October, construction of the 680m long quay wall commenced, with the driving of the first sets of piles underway. Speaking at the flag-off ceremony at the project site, the Chief Executive Officer of Lekki Port, Mr. Ruogang Du, said that the commencement of piling of the quay wall, which is a major phase of the construction, symbolises a significant step towards the timely delivery of the project.
In late November, Mr. Rotimi Amaechi, Nigeria’s Minister of Transportation directed Dr. Magdalene Ajani, the Permanent Secretary of the Ministry, and the legal department to document an agreement with the Lekki Port LFTZ Enterprise Ltd., to ensure that the port becomes operational in 2022. The Minister of Transportation gave this directive while inspecting the project.
In late March, it was announced that the deep sea port is 48% complete and will begin commercial operations in the first quarter of 2023. According to Lagos state governor, Babajide Sanwo-Olu, the investors have given the government commitment to finalize the project in the first quarter of 2023.
“We will fulfill all our parts to make sure this date becomes reality. With the level of work we have seen, I’m truly excited. It is more gratifying that we are taking up this assignment with all energies required and we all can see what we can achieve when we work together,” said the governor during his working tour of the Lekki Deep Sea Port at the Lagos Free Trade Zone.
In late April, Commissioner for Economic Planning and Budget in Lagos State, Sam Ebugbe, said that the state government has designed several intervention projects for seamless take-off of the port in the next two years. He further added that the Lekki Deep Seaport would reduce congestion at Apapa Port in the state and would be four times bigger than the Apapa port.
In early May, Lekki Port LFTZ Enterprise Limited announced that construction of the Lekki Deep Seaport has reached almost 50% with the completion of the 1,909m long core of the main breakwater, while work on the quay wall and landside infrastructure has reached advanced stages. This significant milestone of the completion of the core of the main breakwater was achieved on Thursday, April 29, 2021.
The Managing Director, Lekki Port LFTZ Enterprise Limited, Mr. Du Ruogang, assured that construction would be completed as scheduled with a targeted commercial operations date in Q4 2022. He affirmed that the container terminal operator – Lekki Freeport Terminal, a subsidiary of CMA/CGM is ready to commence operations once the construction is completed.
In early May, Lekki Port LFZ Enterprise Limited received US $60m which is the first instalment of the US $629m loan facility from the China Development Bank for the seaport project.
In late May, the Managing Director of Lekki Port LFTZ Enterprise Limited (LPLEL), Mr. Du Ruogang, reaffirmed the commitment of the company to meet the 2022 target date set for the completion of the project.
He further disclosed that construction work on the project has so far moved at a fast pace reaching 51% completion, adding that some major milestones such as completion of Eastern breakwater had been achieved.
In mid-July, the Minister of Transportation, Rotimi Amaechi expressed satisfaction over the level of progress recorded on the construction of the Lekki Deep Sea Port project. He further urged the promoter of the Deep Seaport, Lekki Port LFTZ Enterprise Limited, to fast track construction work and see to it that the Port commences operation by 2022.
The minister was speaking during an inspection of the Port by the Federal Ministry of Transportation and other government agencies including the Nigerian Ports Authority (NPA), the Nigeria Shippers Council (NSC) and the Nigerian Maritime Administrative and Safety Agency (NIMASA).
In early August, it was announced that the Lekki Deep Sea Port Project is moving forward according to schedule with 58.15% of the construction works have been completed so far.