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China Development Bank (CDB) signs a USD 629 million Lekki Deep Seaport project with Nigeria.
The USD 629 million deal will run for 45 years between China Habour Engineering Company (CHEC) and Lekki Port LFTZ Enterprise Limited (LPLTZ). CHEC has majority of the shares and both parties will work together for the first phase of the project.
The port will be constructed by two major companies:China Harbour Engineering Company Limited (CHEC), the engineering and construction arm of China Construction and Communication Company (CCCC) and Louis Berger Group, USA.
The seaport will have two container berths 680 meter long and 16.5 meter water depth and will generally have a fifth generation deep seaport specification. Therefore, on completion it will be able to contain over 13 New Panamax Class container vessels and two very large feeder vessels.
Lekki Deep Seaport will be one of the most modern ports, supporting the burgeoning trade across Nigeria and the entire West African region; providing the connection to the global shipping network. the Federal Government and the 36 states are expected to earn about USD 361 billion as revenue when operation begins at the sea port in Lagos. It is slated for completion in 30 months.
This project is under the Garfield ports development program, with more proposals from Ibeno in Delta state, Agge in Akwa Ibom State, and Bagary in Bayelsa State.