Authourities of the Lekki Free Trade Zone (LFTZ) said yesterday that the port will commence full operations in 2017, even as it was revealed that a staggering $1.5Billion will be invested in the on-going projects. The sum is expected to be provided by the promoters along with the Nigeria Ports Authority (NPA) and the Lagos State Government.
Authourities of the Lekki Free Trade Zone (LFTZ) said yesterday that the port will commence full operations in 2017, even as it was revealed that a staggering $1.5Billion will be invested in the on-going projects. The sum is expected to be provided by the promoters along with the Nigeria Ports Authority (NPA) and the Lagos State Government.
This revelation was given yesterday by the Director Finance (LFTZ) Mr. Kundan Sainani when the top management team of the Nigeria Shippers’ Council paid a working visit to the consultants’ firm, Tolaram Group in Lekki, Lagos.
"By the end of 2017, the port will be operational and together with the Lagos State Government and the Nigeria Ports Authority we are investing $1.5 billion”, he stated.
Addressing journalists shortly after the meeting, Sainani reiterated that following the present traffic gridlock and congestions being experienced in the Lagos ports, there is the need for new facilities to spring up to help the micro economic growth of the country.
According to him, statistics have revealed that containerised cargo demand in the country is on the increase and there are capacity constraints at the Lagos ports, the Lekki port will provide a lasting solution to the problem.
He assured Nigerians that the LFTZ will build a state-of-the-art facility that will be technologically-driven and also provide effective and efficient port operation.
The Director noted that private operation in the LFTZ will bring about effective performance in port operations, adding that the port will commence operations in 2017.
He added that the multipurpose port comprises of liquid, container and bulk terminals; with 1,500 metre quayside and 14 meters draught.
Speaking further, he disclosed that the project is 100% owned by Singapore based company Tolaram Group which was approved by the presidency in 2012.
"Railway facility is important in this kind of project because that is what happens elsewhere in the world, but you are equally aware that it will take a longer time to be completed”, he acknowledged.
He said the zone is connected to Lagos and the hinterland, adding that there is the need to expand existing road network in order to avoid congestion and gridlock, which is current;y the lot of Apapa ports.
On his part, Executive Secretary, Nigeria Shippers’ Council Barrister Hassan Bello called for proper road and rail network in the free trade zone to avoid what stakeholders are currently facing in Apapa.
Bello told journalists that there is the need for the LFTZ to provide proper road network to avoid what is being experienced at the Lagos Ports of Apapa and Tin Can Island, adding that the Lekki Free Trade Zone is the base to address such issues.
The executive secretary also commended the ongoing development, adding that it will be a modern port.
Speaking further, he said that LFTZ when completed will compete with other ports worldwide, because of the Information Communication Technology (ICT) and that the council will continue to advise the government on investments in the sector.
He added that a modem port need to be accessible with different mode of transportation, pointing out that the rail is most essential for cargoes to be evacuated faster.
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