Connect with us

Economy

Investor Grabs $629m Loan to Deliver Lekki Seaport 2022

Published

on

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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

BNB Price Reflects Changing Dynamics in the Digital Asset Market

Published

on

BNB price

Digital asset markets have slowed, though not in a dramatic way. Things are still moving, just not with much urgency. The BNB price reflects that shift, sitting within a tighter range as broader conditions begin to shape behavior more than short bursts of demand.

It can feel uneventful at first. No strong push higher, no sharp drop either. But the movement is still there. It just does not travel far. A rise begins, then fades. A dip forms, then steadies again. It repeats more than you might expect.

That pattern tends to linger. Sometimes longer than people anticipate, especially when there is no clear reason for it to change quickly.

BNB Price Movement Reflects Exchange-Driven Demand

BNB does not behave like assets that rely purely on outside demand. Its connection to the Binance ecosystem changes that.

Usage matters here. Trading activity, transaction volume and general platform engagement all feed into how BNB is used. That connection is not always obvious in the short term, but it sits underneath everything.

Sometimes it shows up clearly. Other times it does not. The relationship is there either way.

When activity holds steady, price often follows that tone. It does not surge, but it does not weaken much either. It stays somewhere in the middle, supported without needing strong momentum. It reflects usage more than speculation in many cases.

Market Conditions Continue to Shape Price Behaviour

There is also the wider market to consider. Binance has pointed out that liquidity remains tight, with capital concentrating in a smaller number of assets.

Bitcoin still holds close to 59% of the market. Ethereum sits much lower, around 11.8%. After that, the drop-off becomes more noticeable. Smaller assets make up far less than they once did. That shift matters. It changes how everything moves.

When capital gathers like this, movement tends to compress. Prices still change, but not as freely. It becomes harder for assets to break away from the general pattern.

BNB is part of that. It does not sit outside these conditions. It moves with them more often than against them.

BNB Utility Remains Central to Its Value

There is also the question of utility, which tends to be discussed but not always fully understood.

BNB is used across the Binance ecosystem in practical ways. Fees, transactions, access to services. These are not abstract use cases. They happen regularly, even when markets feel quiet.

That kind of activity does not always push prices higher. But it does create a base level of demand. Something that holds, rather than drives.

Over time, that can matter more than short bursts of interest. It gives the asset a different kind of stability. Not fixed, but less reactive. That difference tends to show up more clearly over longer periods.

Institutional and Retail Activity Remain Balanced

Participation is mixed. Institutional involvement has increased, but it does not dominate. Retail activity is still there and often more visible in certain phases. Neither side controls the market on its own. That is part of why movement feels less defined.

At times, it can seem like different forces are pulling in slightly different directions. Not enough to create volatility, but enough to prevent a clear trend from forming.

So price moves, then pauses. Moves again, then settles. It continues like that, without fully committing to either direction.

Global Participation Continues to Expand

Outside of price, participation continues to grow. Estimates suggest global cryptocurrency users are now approaching 860 million, reflecting continued expansion across digital asset markets.

That kind of growth does not always appear in charts straight away. It builds slowly. People enter the space, others remain active and usage continues in ways that are not always easy to track day to day.

BNB sits within that broader expansion. As the ecosystem grows, so does the potential for continued use. It is not immediate. It rarely is. But it accumulates over time. That gradual build tends to matter more than short-term spikes.

Local Economic Conditions Add Perspective

Broader economic conditions still play a role. Inflation remains around the mid-teen range, which suggests the environment is stabilizing, though not completely settled.

That kind of backdrop tends to influence behavior. When conditions feel uncertain, decisions become more measured.

It does not directly control how BNB moves. But it helps explain the pace. Why do things feel slower, more contained? Markets do not exist in isolation, even when they seem separate. External factors tend to feed in gradually.

Right now, the market feels balanced more than anything else. The B&B price reflects that. Not pushing higher, not dropping away. Just holding.

There is still activity underneath. Usage continues. Participation grows. Liquidity shifts, even if it is not always visible.

For now, BNB is sitting in that middle space. Not doing too much, but not losing ground either. It might not stand out. But these phases tend to matter more than they first seem. Over time, they often shape what comes next, even if that is not immediately obvious.

Continue Reading

Economy

NASD Unlisted Security Index Crosses 4,000-point Benchmark Again

Published

on

NASD Unlisted Security Index

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.

Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.

The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.

The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.

However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.

During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.

At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.

GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.

Continue Reading

Economy

Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns

Published

on

Naira-Yuan Currency Swap Deal

By Adedapo Adesanya

It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.

Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.

Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.

Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.

Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.

The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.

A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).

Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.

However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

Continue Reading

Trending