ICRC Boss Commends $221m Equity Investment in Lekki Deepwater Port

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Chidi Izuwah
Chidi Izuwah

By James Emejo

The Director General/Chief Executive, Infrastructure Concession and Regulatory Commission (ICRC), Mr. Chidi Izuwah has commended the injection of $221 million by China Harbour Engineering Company (CHEC) into the Lekki Deepwater Port Project.

He said the sustained Investment inflow to ports development further demonstrated the confidence of foreign investors in the economy, with specific reference to Public Private Partnership (PPP) transactions by the investing public.

He noted that the Chinese equity infusion resulted from the signing of facility agreements for the $629 million loan from China Development Bank for the project in October 2019.

He, however, attributed the success to the exceptional progressive economic policies of President Muhammadu Buhari as well as his administration’s determined infrastructure focused change agenda.

Izuwah said: “This is yet another milestone towards the successful delivery of the Lekki Deepwater Port Project, a flagship project being undertaken through Public Private Partnership, under the careful regulatory guidance of the ICRC.”

The commission further congratulate the Minister of Transportation, Mr. Rotimi Amaechi and the Lagos State Governor, Babajide Sanwo Olu as well as the Management of Nigerian Ports Authority among others for the momentous achievement.

The ICRC boss also expressed optimism that the gains recorded so far will be sustained under the new leadership.