Economy

Investor Grabs $629m Loan to Deliver Lekki Seaport 2022

Published

6 years ago

24/10/2019

By Dipo Olowookere

A $629 million financing facility to accelerate the completion of the Lekki Deep Seaport project, which started in 2011, has been sourced from China Development Bank (CDB).

With this loan secured, China Harbour Engineering Company (CHEC), which owns majority shares in the project, is posed to complete the project in 30 months’ time (2022). The company signed a 45-year concessionary agreement with Lekki Port LFTZ Enterprise Limited (LPLTZ) to complete the Phase 1 of the deep seaport project.

This was witnessed on Wednesday by Governor Babajide Sanwo-Olu of Lagos State, who described this development as “another milestone” for the state in infrastructural development and commerce, saying the signing of the agreements ended period of uncertainty that had trailed the delivery of the project.

He noted that the completion of the project would invigorate the Lagos economy and push it up in the index of largest economy in the world.

After completion, the deep seaport would have two container berths of 680-metre long and 16.5-metre water depth. It will also have the capacity to be berthed by fifth generation container ships, which has a capacity of 18,000 TEU ship.

“This is a new beginning for us in Lagos. We have achieved another milestone in our efforts to transform the State and accomplish the 21st century economy ambition. As a Government, we are fully in support of the project. We will do all we can to ensure the terms of the agreements signed today are delivered within 30 months as agreed and we expect the outcome would catalyse Lagos’ fifth largest economy and take it up more in the index of largest economies in years to come,” the Governor said.

He said further that in the coming weeks, more trade agreements would be signed with foreign investors, adding that his administration would continue to explore investments and partnerships that would accelerate growth and benefit residents of the state.

Chairman of CHEC, Mr Lin Yichong, said the Chinese engineering firm took interest to invest in the deep seaport to enable Nigeria strengthen its maritime infrastructure and business by building the first deep seaport that would ease of pressure at Tin Can Island and Apapa ports.

The Phase 1 of the project, Mr Yichong said, will be built with annual handling capacity of 1.2 million TEU, adding that the capacity would be increased to 2.5 million TEU upon the completion of the second phase.

“After the completion of the Lekki port, it would become the first deep seaport in Nigeria and the container transportation hub in Africa. It would also release big pressure off Apapa and Tin Can Island ports.

“In the course of the construction of the project, it is expected that a huge number of employment opportunities would be generated for residents of Lagos,” he assured.

CDB Deputy General Manager, Mr Zhang Aijun, said the bank approved the loan facility, given the strategic importance of the project to Lagos’ economic growth. He said the bank considered the investment as basis for expanding its business in Nigerian and contributing to the development of the nation.

Managing Director of Tolaram Group in Africa, Mr Haresh Aswani, hailed Lagos Government for supporting the project since the beginning, adding that the completion of the deep seaport would change narrative of foreign partnerships with the government of Nigeria.

Chairman of Lekki Port Board of Director, Mr Biodun Dabiri, noted that the development of the seaport was strategic for the growth of Lekki Free Trade Zone, pointing out that it would make “immense impact” on the nation’s economy by creating more than 200,000 jobs and generating about $350 billion in revenue for the State over the period of the concession.

“The loan facility represents a significant milestone, which when combined with foreign direct investment of $230 million through equity injection by CHEC, will ensure a successful delivery of the seaport and reposition Nigeria as the transshipment hub in sub-Saharan Africa upon the conclusion of the second phase.

“The project is strategic for the economic growth of Lekki Free Zone, as it would support the massive industrial and petrochemical complex being embarked on in the Northern and Southern quadrant of the zone with investment over the next three years peaking at over $20 billion.

“With Lekki Airport in view, there will be an emergence of a Harbour City which would be internationally connected by air and also with world-class integrated transport network of roads, rail and bridges,” he stated.

Mr Dabiri said the concessionary agreements had the support of both the Federal and the Lagos governments, observing that the investors agreed with the terms and conditions laid down by the Nigeria Port Authority (NPA) and Lekki Worldwide Investment.

Economy

NGX Key Performance Indicators Rebound 0.04%

Published

52 minutes ago

17/01/2026

Dipo Olowookere

By Dipo Olowookere

About 0.04 per cent was recovered on Friday from the loss recorded by the Nigerian Exchange (NGX) the previous due to profit-taking.

Yesterday, investors were in the market with renewed vigour, mopping up stocks trading at relatively cheaper prices.

According to data, the insurance counter gained 0.41 per cent, the banking sector appreciated by 0.38 per cent, and the consumer goods index grew by 0.14 per cent.

The gains achieved by these three sectors were enough to lift Customs Street at the close of business despite the 0.26 per cent decline printed by the industrial goods segment and the 0.14 per cent loss suffered by the energy industry. The commodity counter was flat during the session.

A total of 43 equities gained weight on the last trading day of this week, while 26 equities shed weight, indicating a positive market breadth index and strong investor sentiment.

Red Star Express increased its share price by 10.00 per cent to N13.20, NCR Nigeria grew by 9.97 per cent to N128.55, SCOA Nigeria inflated by 9.96 per cent to N14.90, Omatek appreciated by 9.94 per cent to N1.77, and Deap Capital expanded by 9.85 per cent to N4.46.

On the flip side, McNichols decreased by 8.81 per cent to N6.00, Legend Internet crumbled by 7.56 per cent to N5.50, Cornerstone Insurance crashed by 6.48 per cent to N6.35, C&I Leasing contracted by 6.29 per cent to N8.20, and Austin Laz slipped by 5.78 per cent to N3.75.

Yesterday, 539.9 million shares valued at N16.7 billion were transacted in 48,023 deals versus the 1.0 billion shares worth N31.6 billion executed in 51,227 deals in the preceding day, implying a shrink in the trading volume, value, and number of deals by 46.01 per cent, 47.15 per cent, and 6.26 per cent apiece.

Zenith Bank was the most active for the day with 54.6 million stocks sold for N3.8 billion, Jaiz Bank traded 41.5 million units worth N359.4 million, Secure Electronic Technology transacted 37.7 million units valued at N39.2 million, Access Holdings exchanged 30.5 million units for N699.2 million, and Lasaco Assurance transacted 27.2 million units worth N68.3 million.

When the market closed for the day, the All-Share Index (ASI) went up by 72.21 points to 166,129.50 points from 166,057.29 points and the market capitalisation gained N31 billion to N106.354 trillion from N106.323 trillion.

Economy

Naira Trades N1,417/$1 at Official Market, N1,485/$1 at Black Market

Published

1 hour ago

17/01/2026

Adedapo Adesanya

By Adedapo Adesanya

It was a positive ending for the Naira this week after it further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, January 16 by N1.33 or 0.09 per cent to sell for N1,417.95/$1 compared with the previous day’s N1,419.28/$1.

The domestic currency also gained N2.41 against the Euro in the official market to close at N1,647.51/€1 versus the preceding session’s closing price of N1,649.92/€1, however, it suffered a N7.97 loss against the Pound Sterling in the same market window to trade at N1,901.32/£1, in contrast to Thursday’s closing price of N1,893.35/£1.

In the same vein, the Nigerian Naira depleted against the Dollar at the GTBank FX counter by N2 to quote at N1,427/$1 compared with the previous day’s N1,425/$1, but strengthened against the greenback at the black market yesterday by N5 to settle at N1,485/$1 versus the N1,490/$1 it was exchanged a day earlier.

Improved supply conditions helped keep the market within range as exporters’ and importers’ inflows in addition to non-bank corporate supply enhanced liquidity as the Central Bank of Nigeria (CBN) made no visible intervention.

Stronger external inflows from foreign portfolio investors (FPIs) and improving current account dynamics, continue to align with structural support in the wider economy.

Nigeria has seen projections of a stronger economic or gross domestic product (GDP) growth and lower inflation in 2026, with these forecasts citing improved macroeconomic fundamentals and reform impacts.

As for the cryptocurrency market, it was mixed following selloff in precious metals and lower US stocks appeared to be denting crypto sentiment.

Gold and silver, both of which also enjoyed big rallies earlier this week, tumbled 1.2 per cent and 5 per cent, respectively while key US stock indexes — the Nasdaq, S&P 500 and Dow Jones Industrial Average — all reversed from early gains to modest losses in Friday trade.

Dogecoin (DOGE) shrank by 2.2 per cent to $0.1370, Ripple (XRP) slipped by 0.8 per cent to $2.05, Ethereum (ETH) went down by 0.7 per cent to $3,228.56, and Bitcoin (BTC) slumped by 0.6 per cent to $95,086.80.

Conversely, Litecoin (LTC) appreciated by 3.2 per cent to $74.48, Solana (SOL) rose by 0.4 per cent to $143.70, Cardano (ADA) jumped by 0.2 per cent to $0.3942, and Binance Coin (BNB) increased by 0.1 per cent to $935.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

Economy

Oil Prices Rise Amid Lingering Iran Worries

Published

2 hours ago

17/01/2026

Adedapo Adesanya

By Adedapo Adesanya

Oil prices settled higher amid lingering worries about a possible US military strike against Iran, a decision that may still occur over the weekend.

Brent crude settled at $64.13 a barrel after going up by 37 cents or 0.58 per cent and the US West Texas Intermediate (WTI) crude finished at $59.44 a barrel after it gained 25 cents or 0.42 per cent.

The US Navy’s aircraft carrier USS Abraham Lincoln was expected to arrive in the Persian Gulf next week after operating in the South China Sea.

Market analysts noted that it doesn’t seem likely anything will happen soon. However, the weekends have become the perfect time for actions so as not offset the markets.

The market had risen after protests flared up in Iran and US President Donald Trump signalled the potential for military strikes, but lost over 4 per cent on Thursday as the American president said Iran’s crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.

Iran produces approximately 3.2 million barrels per day, accounting for roughly 4 per cent of global crude production, so it was not a coincidence that markets rallied sharply through Tuesday and Wednesday as President Trump canceled meetings with Iranian officials and posted that “help is on its way” to Iranian protesters, raising fears of potential US military strikes that sent prices surging toward multi-month highs.

Weighing against those fears are potential supply increases from Venezuela.

The Trump administration is exploring plans to swap heavy Venezuelan crude for US medium sour barrels that can actually go straight into Strategic Petroleum Reserve (SPR) caverns, since not all all oil belongs in the reserve.

According to Reuters, the Department of Energy is considering moving Venezuelan heavy crude into commercial storage at the Louisiana Offshore Oil Port, while US producers deliver medium sour crude into the SPR in exchange.

Analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.

Some investors covered short positions ahead of the three-day Martin Luther King holiday weekend in the US.