The Infrastructure Concession Regulatory Commission (ICRC) on Wednesday disclosed that the Lekki Deep Sea Port project is now over 80 percent completed.
Although it was widely reported across several media outlets that the project is at 96 percent completion, the Commission wishes to clarify that the project is at 81.14 percent completion.
A statement signed by Acting. Head, Media & Publicity, ICRC, Manji Yarling, which gave a breakdown of the completion status showed that: dredging and reclamation is at 90.93%, Quay Walls at 87.3%, Breakwater at 82.74% and Landside Infrastructure at 70%, bringing to a total of 81.14 per cent.
As regulators of all concession agreements entered into by the federal government of Nigeria, ICRC deems it imperative to clarify this information and present the correct figure.
The Concessionaire, Lekki Port LFTZ Enterprise Ltd, is working round the clock to ensure the project is completed on schedule – The project is expected to be completed in September 2022 and become operational in December 2022.
On its part, the ICRC will continue to carry out its regulatory function to ensure that this project, like all other government concessions will yield the desired value for money, profitability, efficiency, economic growth, job creation and other gains for which the contract was entered into.
The Lekki Deep Sea Port project is a 45 years concession by the Nigerian Ports Authority (NPA) awarded on a Build, Own, Operate and Transfer (BOOT) Public Private Partnership (PPP) model.
