Fresh indications emerged that the Federal Government may have committed a whopping $118Million to the development of the Lekki Deepsea Port, even as the lead sponsor of the project; Tolaram Group has assured that full construction works at the port will begin by July 2015.
The Lekki Deepsea Port project is expected to gulp $1.5Billion.
Fresh indications emerged that the Federal Government may have committed a whopping $118Million to the development of the Lekki Deepsea Port, even as the lead sponsor of the project; Tolaram Group has assured that full construction works at the port will begin by July 2015.
The Lekki Deepsea Port project is expected to gulp $1.5Billion.
Speaking during a visit to the site of the port at Lekki Free Trade Zone in Lagos yesterday, Managing Director, Nigerian Ports Authority (NPA) Mallam Habib Abdullahi debunked recent allegations leveled against the Federal Government by the Lagos Governor, Babatunde Fashola that the government was reneging on its commitments towards the project.
Abdullahi said that already, the Federal Government had earlier paid a total of N1billion as part of its commitment towards the deepsea port project.
The NPA boss stated that the total amount of the Federal Government's stake in the Lekki Port Project is $118 million, even as he assured that this has been captured in the NPA's 2015 budget.
"The total amount of the Federal Government's stake in this project is $118 million, what we had as at last year was N1billion and we have already paid that, we have already started making payment on this, because there was an allegation that the Federal Government have not started making payments, this is totally wrong, we have already paid our own dues as at last year"
"For the year 2015, we have made enough provision to pay up the remaining amount that is due to us, it is still with the Senate, but we have already made an agreement with them and we will pay it up to the end of the year" Abdullahi assured.
When fully completed, Abdullahi assured that the Lekki Deepsea Port project would be an eye- opener that will attract other investors, adding that it will also inspire the construction of other proposed deepsea ports like the Badagry Deepsea port; also in Lagos, Olokola Port Project in Ogun State, the Ogidigben port project in Delta State, and the Ibom deepsea port in Akwa Ibom State.
The NPA boss further gave the Federal Government's commitment in ensuring that the Lekki port is made a hub and a driving force, not only in Nigeria but the whole of West Africa.
"It is going to drive the economy, it will bring economic growth to the nation, it will bring employment, it will bring export promotion and it is going to transform the economy of this country as promised by Mr. President" he assured.
Speaking earlier, Managing Director of the Lekki Port Project; Mr. Haresh Ascoani said that the total cost of the port project is 1.5billion dollars, even as he assured that the construction company; China Harbor Construction Company will move to site fully by July 2015.
Haresh said that six financial institutions backing up the project are; African Development Bank, European Investment Bank, Standard Bank, Standard Chartered Bank, Diamond Merchant Bank and AFC; adding that there will be a financial close by September 2015.
According to him, the port will take approximately 40 months to be built and when fully completed, the Lekki Free Trade Zone would be the largest industrial city in Nigeria.
He added that investments that will be coming into the region when it is fully operational will exceed 25billion dollars.
"While we are building the port, industries will come up to build their projects knowing that the port is coming up, cumulatively it is all a ten years programme"
"We are working very closely with Lagos State Government on a master plan, they have gotten approvals already for new roads to be built, we are working very closely with the Federal Ministry of works at the federal level for additional roads to be built for the purpose of evacuation of cargo, we have a proper road study done and shared with the Lagos State government"
Haresh said that apart from the Lekki Port project, Dangote Group and four other major projects are also coming up to transform the area.
"This will be the deepest seaport outside of South Africa in Africa. Even though it has taken few years, I think it is for a good course", he assured.
He said that the equity part of the Lagos State Government has been fully paid and NPA has equally contributed its own equity, the promoters have also provided their equity up to date.
"In the mean time, we are going to give instruction to China Harbour Construction Company to proceed with the construction. This will take effect probably in the month of April and we expect them to be fully on ground in July, by then we expect them to have started full construction of the project" he assured.
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