FG Seeks Funding For Lekki Port Project

Lekki Port.

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

The acting Director General 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.

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

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

According to Izuwah, the promoters of the project include the Tolaram Group, 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 percent while the Nigerian Ports Authority (NPA) with 20 percent equity has so far paid about $23 million out of $110.9 million.

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