Lekki Port LFTZ Enterprise Limited has received the sum of $60 million, which is the first installment of the $629 million loan facility from China Development Bank for the construction of the Lekki Deep Sea Port.
Management of Lekki Port made this disclosure in a statement issued on Tuesday.
The $629 million loan facility agreement with China Development Bank was signed in Lagos, in 2019 to provide the funding for the deepest seaport in the sub-Saharan African region.
Managing director, Lekki Port LFTZ Enterprise Limited, Du Ruogang explained that the first instalment of the loan facility was received on Thursday, April 29, 2021, as the company had satisfied all the conditions precedent for the release of the funds.
He expressed appreciation to the Federal Ministry of Transportation, the Lagos State Government and the Nigerian Ports Authority for all the support in this regard.
He stated that receipt of the first instalment of the loan facility is a major breakthrough in the quest to deliver a world-class deep seaport and to ensure that commercial operations commence before the end of 2022.
Contrary to allegations that lack of funds has been the major source of delay of the Lekki Deep Seaport project, the management of the port said it recently got an equity infusion worth $221 million from China Harbour Engineering Company, its major shareholder.