28 January 2018, Sweetcrude, Lagos — The Lagos State Government has increased its equity share in the Lekki deep seaport project from 18 to 20 twenty percent.
The Director-General of the Infrastructure Concession Regulatory Commission, ICRC, Chidi Izuwah made the disclosure at the weekend adding that that the state has also paid up about 18.5 percent of its equity holding.
Izuwah also said that the project is very close to the heart of the President as these are some of the government’s plans to diversify the nation’s economy.
He said: The move by Lagos state government is very critical to the success of the project and I want to commend Governor Akinwunmi Ambode for making that strategic move.
“The Project has not reached financial close and construction has commenced, construction of the breakwaters has physically started, it shows you that the project sponsors are moving ahead with their equity while still looking for financing”.
He further disclosed that all statutory and approval with regards to the Lekki deep seaport project has been obtained (38 in number) adding that this must be reduced in line with the ‘ease of doing business’ initiative.
The project when completed is targeting about 1.5 Twenty-Foot Equivalent, TEUs of containers annually as the port will also play host to very large vessels due its draft of 16 meters.
Besides Lagos state, the Federal government through the Nigerian Ports Authority also has 20 percent equity share of the project.