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Indiaexportnews.com

ICTSI to run major Nigerian container terminal at Lekki

  28.08.2012    

Manila's International Container Terminal Services Inc (ICTSI) has signed an MoU with Lekki Port LFTZ Enterprise (LPLE) that agreed earlier this year to take part in a sub-concession agreement to run a container terminal in Nigeria's Lagos Free Trade Zone, according to the Shipping Gazette.
The 21-year deal with the Lekki International Container Terminal Services (LICTS) will require capital expenditure of US$225 million for an initial annual throughput of 2.5 million TEU.
The investment is part of the $1.4 billion investment in the entire port development. Managed by Singapore-based Tolaram Group and the Nigerian government, the investment includes the construction of the deepwater port by China Harbour Engineering Company (CHEC) at a cost of $679 million.
The Philippine-based terminal operator is to build a terminal at Lekki, close to Nigeria's economic capital of Lagos, capable of accommodating 10,000 TEU vessels with 1.2 km deep draught quay, handling equipment of at least 14 super-post-panamax STS cranes, and sophisticated terminal software.
Lekki port is expected to exceed maximum throughput which helps ICTSI secure more share in west and central African shipping markets, said Tolaram Group chairman Mohan K Vaswani. "Hence, we are designing the port to allow for expansion to serve that excess demand in a short span of time upon completion."
The Nigerian government is seeking private-public partnerships for deep sea ports with discussions in progress for Akwa Ibom, and potential projects in Badagry and Olokola in Ogun/Ondo states.


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