APMT’s WACT boosted to 385,000 TEU capacity
NewsRecent investments push West Africa Container Terminal’s annual handling capacity to 385,000 TEU.
Lekki secures funding
The Tolaram Group of Singapore, which has the 45-year build operate and transfer concession for the port of Lekki, Nigeria, has secured funding from a syndicate of six banks and will commence construction work next month.
The US$1.6B port project is needed to both boost Nigeria’s role in global trade and to relieve pressure on the heavily congested inner city cargo handling facilities (Apapa and Tin Can Island) in Lagos. It is being developed by Lekki Port LFTZ Enterprise (LPLE), which is owned by Tolaram.
The port is located 65km east of the main city and China Harbour Engineering Company has been appointed as the main contractor for the project. It is expected to take between three and four years to complete.
The deal with the banks, which include the African Development Bank (AfDB), the African Finance Corporation, European Investment Bank, Standard Chartered Bank; Rand Merchant Bank and Standard Bank secures the project and follows a US$118M commitment from Nigeria’s Federal Government
When completed, the port of Lekki will have an annual handling capacity for 2.5M TEU (three berths), 16.7Mt of liquid cargo and 4.5mt of dry bulk (a single berth). It’s minimum depth alongside the 1,500m quay will be 14m.
Manila-based International Container Terminal Services Inc and CMA Terminals are among the shareholders in the project.
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