Nigeria: FG, Lagos Ink MoU on Lekki Port Construction
Nigeria’s Federal and Lagos State Governments have signed a Memorandum of Understanding (MoU) for the construction of a deep sea port in the Lekki area of Lagos, in Western Nigeria.
Lagos State Commissioner for Commerce and Industry, Shola Oworu, while signing the agreement at the State House, Ikeja on Monday said the project was conceived out of the need to have a modern deep sea port that could take large vessels in the country.
She stated that facilities in the existing ports in the country were over stretched, as they no longer have the capacity to handle the traffic accompanying the expansion of the nation`s economy.
“The first phase is what we are commencing now and God willing, in the next three years, the first phase would be completed,” she said.
Managing Director, Nigeria Ports Authority, NPA, Habib Abdullahi, who signed the agreement on behalf of the federal government said the project was meant to complement the Tin Can and Apapa Ports in order to boost the nation’s economy.
He argued that the two existing ports have already been overstretched, stressing that the project would help tackle the problem of ports congestion when completed.
“The partnership is such that, there is one foreign investor, ‘Ports at Lekki` in the deal on 60-20-20 sorts of, 60 percent for the foreign investors, 20 for the Federal Government through the NPA and 20 percent equity for the state government.
“That is how it is going to work. The driving force will be the foreign partners, who have already started work there, they have already invested some amount and we are expected also to put in our equities,’ he explained.
Source: pmnewsnigeria, December 18, 2012; Image: lekkiport