CMA Terminals, ICTSI Ink Lekki Terminal Agreement (Nigeria)
- Business & Finance
CMA Terminals, 100% subsidiary of the CMA CGM Group, and ICTSI have announced their future cooperation in Nigeria by signing a deal for ICTSI to sell 25% of the Lekki International Container Terminal Services LFTZ Enterprise (LICTSLE) to CMA Terminals.
LICTSLE will be providing a solution to current congestion for the local market in Nigeria and overall serve as regional transshipment hub in West Africa allowing the countries connected with the hub to grow sustainably.
With a straight-line quay of 1200m and a yard area of 66 hectares, this modern facility, which is expected to be fully operational in 2017, provides the market with an annual capacity of 2.5 million TEU. This capacity will serve the Nigerian market in the long run and will ease capacity pressure. The terminal is designed to allow for further capacity growth exceeding the initial 2.5 million TEU.
The advantageous location, 60 km east of metropolitan Lagos, will be combined with a state-of-the-art facilities including 14 Post Panamax cranes.
Mr. Farid Salem, CMA CGM Group Executive Officer, said: “We are very pleased of this cooperation with ICTSI. This major future investment is undoubtedly a great opportunity for the CMA CGM Group, through its dedicated subsidiary CMA Terminals, to further increase its presence in Nigeria, a country in continuous development.”
Mr. Floe, ICTSI Senior Vice President responsible for the Africa Region, said: “The involvement of the CMA CGM Group shows the interest in West Africa and the confidence there is in the Nigerian market with the product we provide as we will strive to become supplier of choice in West Africa as the principal transshipment hub giving our customers a sustainable competitive advantage in the market range.”
Press Release, January 28, 2014