FG, Lagos sign agreement on Lekki Deep Sea Port

Determined to boost the nation’s economy through the expansion of the country’s ports’ capacity, the Federal Government and the Lagos State government yesterday signed an agreement for the construction of a deep sea port in Lekki area of the state.

Speaking on behalf of the Federal Government, Managing Director of the Nigeria Ports Authority (NPA), Mr. Habib Abdullahi, who signed the agreement, said the project was conceived to complement the Tin Can and Apapa ports and to further enhance the economy of the country.

The NPA boss, who noted that the two existing ports had been overstretched, said the project when completed, would significantly decongest the existing ports. His words: “The partnership is such that, there is one foreign investor, and it’s on 60-20-20 basis; 60 per cent for the foreign investors, 20 for the Federal Government through the NPA and 20 per cent 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.

While assuring the provision of technical support by the NPA for the project to ensure it complied with the required standard, Abdullahi said the NPA planned the construction of more ports for the state as well as other parts in the country, saying a lot of investors had shown interest in the proposed port.

Signing the agreement on behalf of the state government, Olusola Oworu, the state commissioner for commerce and industry, said the IPP project was conceived out of the need to have a modern and a truly deep sea port that could take large vessels in the country, adding that the existing ports in the country were full and could no longer had the capacity to handle the traffic needed for the expansion of the nation’s economy.

Her words: “The first phase is what we are commencing now and God willing, in the next three years, the first phase would be completed. The former Central Bank Governor, Mr. Joseph Sanusi, on his part, said the project, when completed would not only impact positively on the state’s economy, but also the national economy. Speaking on behalf of the private investors, Mr. John Mastroudes, said he was excited with the signing of the agreement, adding that lots of work had been done at the project site.

 
Source: National Mirror