Nigerian firm receives $60m Chinese loan for Lekki sea port development

Nigerian firm receives $60m Chinese loan for Lekki sea port development

 

A Nigerian firm says it has received the sum of $60m, which is the first instalment of the $629m loan facility from China Development Bank for the construction of the deepest sea port in Sub-Sahara Africa.

The company, Lekki Port LFTZ Enterprise Limited said this in a statement made in Lagos on Monday.

Part of the statement read, “The Managing Director, Lekki Port LFTZ Enterprise Limited, Du Ruogang, disclosed this while briefing the delegation of the Federal Ministry of Transportation and other stakeholders during the ministry’s first quarterly monitoring visit to the project site on Saturday May 1.

“Ruogang stated that the first instalment of the loan facility was received on Thursday April 29 as the company had satisfied all the conditions necessary 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.”