China lends $629m for Nigeria’s deep water port

China Development Bank (CBD) will provide a $629m financing facility for China Harbour Engineering Company (CHEC) to build and run Nigeria’s first deep seaport, known as Lekki Port.

The signing ceremony was held in Lagos last week, reports Chinese state broadcaster CGTN. 

Promoters say it will be one of the deepest ports in sub-Saharan Africa, making Nigeria the trans-shipment hub of the region.

Zhang Aijun, a senior CDB official, said the bank considered Lekki Port as a basis to expand its business in Nigeria and would contribute to the country’s economic development.

Phase 1 of the scheme consists of two container berths with with water depth of 16.5m and a total quay length of 680m.

The annual handling capacity in phase 1 of the port can reach 1.2 million TEUs, and after completion of phase 2, the capacity will reach up to 2.5 million TEUs.

Lin Yichong, head of CHEC, promised to hand over the first phase of the project within 30 months, reported CGTN.

Image: Render of the planned Lekki Port (]

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