Featured Transport

Firm receives $60m Chinese loan for Lekki sea port

The Lekki Port LFTZ Enterprise Limited says it has received the sum of $60m, which is the first instalment of the $629m loan facility from China Development Bank for the construction of the deepest sea port in Sub-Sahara Africa.

 The company said this in a statement made available to our correspondent in Lagos on Monday.

 The statement said, “The Managing Director, Lekki Port LFTZ Enterprise Limited, Du Ruogang, disclosed this while briefing the delegation of the Federal Ministry of Transportation and other stakeholders during the ministry’s first quarterly monitoring visit to the project site on Saturday May 1. 

“Ruogang stated that the first instalment of the loan facility was received on Thursday April 29 as the company had satisfied all the conditions necessary for the release of the funds.

 “He expressed appreciation to the Federal Ministry of Transportation, the Lagos State Government and the Nigerian Ports Authority for all the support in this regard.”

“He stated that receipt of the first instalment of the loan facility is a major breakthrough in the quest to deliver a world-class deep seaport and to ensure that commercial operations commence before the end of 2022.”

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