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.