May 16, 2023
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On Monday, January 23, Nigeria got its first deep seaport as it opened a billion-dollar port in Lagos.
The ship built by the Chinese is likely to be an African transhipment hub worth $1.5 billion.
It has been built to reduce congestion at other ports and facilitate smoother cargo handling for goods in transit.
Tolaram Group and the China Harbour Engineering Company jointly own the new deep sea port at Lekki. 75% of the ownership rights are with them, while the Nigerian Ports Authority and the Lagos government hold the other 25% rights.
The incumbent hopes to attract new voters in the upcoming presidential election with infrastructural projects like these. This move was cemented by President Muhammadu Buhari’s plan to make infrastructure a keynote in the economic policy.
Cui Jianchun, the Chinese Ambassador in Nigeria, revealed that this transformative project would help create 200,000 jobs. China funded most of Nigeria’s infrastructure projects, including road, rail and power stations, as they are the biggest bilateral lenders of the country.
Source: Reuters, Aljazeera
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