Lekki Seaport to begin full operations in 2023
It is no longer news that Dangote Refinery plans to become fully operational in 2021. The question investors have asked though is “When will the new seaport become operational?”
According to Tolaram Group, the frontline investor in charge of the Lekki Seaport project, in a chat with Governor Babajide Sanwo-Olu on Friday 19 March 2021, the Lekki Deep Seaport will commence operations in 2023.
After the announcement of Dangote’s Refinery, which sparked a flurry of activity in the 830-hectare Lagos Free Trade Zone, the need for a seaport became urgent. The port, which is situated in the Gulf of Guinea, will be a convenient entry point for containerized, dry, and liquid bulk cargo ships.
The first phase of the seaport project, which is backed by a $629 million loan from the China Development Bank (CDB), is almost finished.
After reviewing the project master plan, Sanwo-Olu stated that his administration was committed to completing the project, emphasizing that the deep seaport and other investments in the corridor had the potential to boost the state’s GDP by multiples.
He said: “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.”
When completed, the 90-hectare port will facilitate investments and trade in Nigeria. Lekki Port features will include:
- Capacity to serve container vessels of up to 8,000 twenty-foot equivalent units as well as dry bulk vessels, with potential future development of berths for liquid bulk cargo vessels.
- A 1,500-meter quay wall, with cargo-handling cranes and other equipment.
- A 1,500-meter breakwater and 6-kilometer-long approach channel with a 14.5-meter depth.
The average investor will know that upon completion of the seaport, the price of real estate around the seaport will shoot up considerably. It is therefore wise to buy in now before it gets too late.
Contact us today to start the process.