Lekki gets under way at last thanks to Chinese financing
After lengthy delays, the future Lekki Port Project designed to reduce congestion in Lagos will finally go ahead thanks to financing from China Development Bank, which is lending $629m to Nigeria’s Lekki Port-Lekki Free Trade Zone Enterprise (LPLE).
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▪ Lekki gets under way at last thanks to Chinese financing
▪ After lengthy delays, the future Lekki Port Project designed to reduce congestion in Lagos will finally go ahead thanks to financing from China Development Bank, which is lending $629m to Nigeria’s Lekki Port-Lekki Free Trade Zone Enterprise (LPLE).
▪ https://www.africabusinessplus.com/en/799627/lekki-gets-under-way-at-last-thanks-to-chinese-financing/
The official agreement was signed on 23 October by CEOs Zhang Aijun and Biodun Dabiri. Phase 1 of Lekki, at an estimated cost of $1.5bn, is being built by another Chinese state-owned group, China Harbour Engineering Company (CHEC) on behalf of LPLE which is owned jointly by the diversified Singaporean conglomerate Tolaram (75%), which operates in 19 different sectors (logistics, textiles, real estate, etc.), the State of Lagos (20%) and Nigerian Ports Authority (5%).
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