DP World negotiates with Nigerian Ports Authority a billion dollar investment in Port of Lagos

Port of LagosDP World is negotiating with the Nigerian Ports Authority (NPA) to participate in the project for the construction of a port infrastructure in Lagos with investments estimated at 1 billion USD. The agreement envisage building of a complex for transshipment of container and bulk cargo, as well as modernization and expansion of existing facilities and environmental projects. The negotiations are still ongoing, but both sides express confidence that will conclude an agreement for developing of the Port of Lagos. The project aims to improve the capacity of the port by modernization of port equipment and facilities.

Recently, the professional community of Nigeria has severely criticized the uncompromising position of the Nigerian Ports Authority, which scares away potential investors. The Philippine terminal operator International Container Terminal Services refused to participate in the construction of a container terminal in Nigeria due to long delays. In accordance with the agreement signed in August 2012, the subsidiary ICTS received the right to construct and operate a container terminal in the port of Lecca near Lagos for 21 years. Initially, the plans included the completion of a terminal with a capacity of 2.5 million TEU by 2016.

The Nigerian Ports Authority responded to criticism with a statement of readiness to develop cooperation with concessionaires, which respect the principles of mutually beneficial partnership.

The organization announced the completion of a deal to sell the remaining share of the port of Lecka to the Chinese corporation China Harbor Engineering Company for 86 million USD. It is also reported about negotiations with the Moroccan operator Tanger Med Port on the construction of a new terminal and logistics and warehouse complex in Nigeria.