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Nigerian govt seeks funding for Lekki Port project

The Nigerian government has said it would seek additional equity funding for the construction of the Lekki Port project in Lagos.

Speaking during a media tour of the project on Friday, the Senior Acting Director General and Chief Executive Officer of Infrastructure Concession Regulatory Commission (ICRC), Chidi Izuwah, said the government would intensify efforts in sourcing funds for the project because of its potential as a revenue spinning project for the government.

Mr. Izuwah expressed worry over the slow pace of work in the construction of the project billed to commence operation next year.

So far, the contractors have invested over $150 million collected from equity on the project, he said, adding that the sponsors have not attained financial closure.

He attributed the development to certain “contingent challenges” which he said the government would help the promoters to combat.

The ICRC chief said the promoters had planned to attain financial closure by second quarter of 2016 and commence operation by second quarter of 2019.

He however noted that if all the parties to the contract fully committed themselves to the project, the objectives of the project would be attained very soon.

According to Mr. Izuwah, the promoters of the project include the Tolaram Group (lead sponsor), the Lagos State government and the Nigerian Port Authority, NPA.

The Lagos government, he said, had paid its part of equity contribution of 18.15 per cent while the Nigerian Ports Authority (NPA) with 20 per cent equity has so far paid about $23 million out of $110.9 million.

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