Recently, Lekki Deep Sea Port in Nigeria, invested, constructed and operated by China Harbour Engineering Company Ltd. (CHEC) and financed by China Development Bank (CDB), was officially opened for operation. Being the first deep sea port in Nigeria, the largest economy in Africa, it will play an important role in promoting trade and economic revitalization in Nigeria.
The construction of Lekki Deep Sea Port has attracted much attention from all sectors in Nigeria. In order to offer better financial services, over the years, CDB Dalian Branch has taken the initiative to communicate with CHEC about bringing in third-party market cooperation and designing a reasonable risk management mechanism through a refined credit structure based on the construction and operation characteristics and guarantee resources of the project. Eventually, the project was successfully implemented in a market-oriented manner. With the adoption of the PPP mode, no debt burden was laid on the Nigerian government. As a result, the project has won many awards both at home and abroad such as “African Infrastructure Deal of the Year” in the selection of “World’s Most Influential Projects” organized by the Project Finance International (PFI) magazine, the “Merit Award for Outstanding Development Project” by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP), and the award for “Best Social Responsibility Practice Case” in the Chinese banking industry. By the end of 2022, CDB had granted medium- and long-term loans totaling USD 629 million to the project, with USD 395 million issued, guaranteeing the timely completion and operation of the project with solid financial support.
It is reported that the Port is located in Lekki District of Lagos, the economic center of Nigeria. Controlled by CHEC and jointly developed with the Nigerian Ports Authority, the Lagos State Government and the Singapore-based Tolaram Group, it is a fruit of the second Belt and Road Forum for International Cooperation and also a demonstration project of Sino-French third-party market cooperation. With a total investment of USD 995 million, the port has two container berths, which can accommodate container ships with a capacity up to 18,000 TEUs, and its design throughput hits 1.2 million TEUs per year, making it a modern deep sea port with the best water depth conditions in West Africa. Its routine operation and management will be in the charge of an operating company jointly established by CHEC and the French maritime giant, Daffy Group. In the future, it will gradually develop into a comprehensive modern port integrating handling, storage and related supporting services for dry and liquid bulk cargos and containers, creating desirable overall economic benefits and 170,000 job opportunities within a 45-year franchise period. Chinese Ambassador to Nigeria, CUI Jianchun, delivered a speech at the opening ceremony of the port, stating that the opening of the Port was of great significance and would serve as an engine for Nigeria’s economic growth, upgrading Lagos into a hub for West and Central Africa.
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