The MoU demonstrates that ICTSI has been selected as the preferred operator to act under a sub-concession to equip and operate the container on an exclusive basis for a period of twenty years – forming a framework for the formal agreement.
Jens O. Floe, ICTSI senior vice president for Africa, said: “The Lekki container terminal will provide a quality alternative to container handling facilities in the region, dramatically improving Nigeria’s international connectivity and its supply chains.”
Port@Lekki is a visionary project due for completion in 2016 and is the largest of its kind in Sub-Saharan Africa – it is promoted by the Tolaram Group in partnership with the Nigerian Ports Authority (NPA) and the Lagos State Government (LASG).
The terminal will have a handling capacity of 2.5m teu when completed and it is slated to be a major transhipment hub for the West African region and a model for infrastructure development in Africa.
ICTSI reported a good year in 2011. The group’s net income grew by 33% to US$130.5m. Aside from Lekki in Africa, the group is currently pursuing the acquisition of more new terminal concessions.