This was disclosed by Du Ruogang, managing director of Lekki Port and representative of China Harbour Engineering Company, when Governor Babajide Sanwo-Olu some members of his cabinet a 2-day visit to the Lekki free trade area, in Ibeju Lekki local government area, weekend.
The port, which is being constructed by China Habour Engineering firm, sits on a 90-hectare from the 830-hectare land carved out for the Lagos Free Zone, created in 2012 to enhance economic position of Lagos as manufacturing and logistics hub in West Africa.
The first phase of the seaport project, which is being financed by $629 million facility from China Development Bank (CDB), is at 48 percent completion.
After touring the project master plan, Sanwo-Olu said his administration remained committed to delivering project, stressing that the deep seaport and other investments happening in the corridor had the potential to increase the state’s GDP in multiple folds.
“Given the report I got and what I have seen here, I can say that Lagos Free Zone has made tremendous improvement. We have seen the level of partnership Tolaram Group is bringing in terms of international investment and local brands on this corridor.
“I commend all stakeholders that are with us on this journey we have found ourselves. 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.
“Since we signed a loan agreement less than 18 months ago, we have demonstrated strong capability in bringing the project to reality. This is the first quarter of 2021 and we have seen the project in about 48 per cent completion. The investors have given us the commitment on first quarter of 2023 completion date. We will fulfill all our parts to make sure this date becomes reality.”
Sanwo-Olu, who noted that he had been part of the conversation for the development of the free zones as a commissioner for commerce and industry in 2006, said his administration had recorded significant progress in bringing the projects to reality.
The governor said the priority accorded to the construction of complementary infrastructure projects along the corridor was a demonstration of his government’s fulfillment of its pledge to Lagos residents. He promised the state would work with the timeline to ensure all projects mapped out in the zones are deliver.
“I am fully convinced that the delivery of this project will transform commercial architecture of West Africa and bring about quick turnaround time in maritime sector.”
When it is completed, the deep seaport is expected to generate more than 170,000 direct and indirect job opportunities for Lagos residents, and serve as alternative in an effort to decongest the Federal Government-owned seaports in Apapa.
The CEO, Lagos Free Zone, Dinesh Rathi, said Tolaram Group, a Singaporean coy, initiated a $2 billion investment in the Lagos Free Zone, out of which the investor committed $950 million to developing manufacturing hub in the zone.
When the deep seaport is completed, Rathi said the maritime project was expected to generate more than 170,000 direct and indirect job opportunities for Lagos residents, and would serve as alternative in an effort to decongest the Federal Government-owned seaports in Apapa.