Lekki Deep Sea Port

Lekki Deep Sea Port 2024-07-16T16:59:56+00:00

The concept of the Lekki Deep Sea port was granted presidential endorsement on the 27th of
February 2002 for the development of the multipurpose port terminal at a location 65km east of
Lagos based on a Concession Agreement with Messrs Lekki Port LFTZ Enterprise Limited
The aim of developing the port is to capture regional trade with the strong growth potential but
presently hindered by poor port infrastructure. Being the deepest seaport in the sub-Saharan
African region, the port would serve as transshipment hub for the region.
Towards obtaining a technical approval for the proposed seaport development Messrs LPLEL
submitted detailed design, drawings, and study reports to the Authority and after an appraisal of
the documents by the Authority’s Engineering Directorate, a Technical Approval was granted to
the company for the port development.

The FEC approval for the project was granted on 14th May 2014 vide its Conclusions referenced
EC 15(14)4 and after the closure of negotiations by the Nigerian Ports Authority, a Concession
Agreement dated 12th December 2018 was finally executed for 45 years on a Build, Own,
Operate and Transfer (BOOT) basis commencing from the date of Financial Closure. The Public
– Private – Partnership [PPP] model is based on the following sharing structure:
i. Federal Government represented by NPA – 5%
ii. Lagos State Government where port is located – 20%
iii. Private Investor/manager – 75%

The Lekki Port FTZ Enterprise is the special purpose vehicle to execute the Project on a non-recourse financing basis hence the government procurement process is not applicable. The
estimated total project cost approved FEC is US$1.34 billion. This consists of $1.1 billion first
phase and $240 million second phase construction and equipment.
Messrs China Harbour Engineering LFTZ Enterprise (CHELE), the EPC Contractor, mobilized to
site in December 2017 to commence early works, this was to enable the Concessionaire gain time
while working to fulfil the Conditions Precedent under the Concession Agreement which are
necessary for the Project to reach Financial Close and obtain debt financing for the construction
The Presidential Flag off for the project took place on 29th of March 2018.

We therefore look forward to doing business with you.

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