Stanbic IBTC Asset Management Limited, the Fund Manager of the Stanbic IBTC Infrastructure Fund, has announced a strategic partnership with SIFAX Group, through its subsidiary SIFAX Shipping ICT Limited, to develop an ultra-modern terminal on 8.3 hectares of land in Ijora, Lagos.
The project includes the establishment of a new container terminal, the construction of a quay wall, harbour dredging, and the acquisition of essential port equipment.
The initiative aims to address Nigeria’s critical port capacity challenges and improve efficiency in the maritime industry.
With the development of the Ijora terminal, SIFAX Group seeks to enhance the maritime transport and logistics industry by increasing cargo clearing capacity.
Currently under construction and partially operational, the terminal is poised to complement the broader port services offered by the Apapa Port and Tincan Island Port, both located along the same water channel in Lagos.
Founder and Group Chairman of SIFAX Group, Dr Taiwo Afolabi, expressed his enthusiasm about the project’s progress: “We are immensely proud to have reached financial closure and commenced construction on this landmark project, thanks to the support of our lenders, shareholders, contractors, and regulators.
Beyond improving port and terminal capacity in Nigeria, this initiative will generate employment opportunities and advance national development. The terminal is set to make a measurable impact on Sustainable Development Goals (SDGs) 1 (No Poverty), 8 (Decent Work and Economic Growth), 9 (Industry, Innovation, and Infrastructure), and 11 (Sustainable Cities and Communities).”
Chief Investment Officer of Stanbic IBTC Infrastructure Fund, Dolu Olugbenjo, said the project presents a unique opportunity to bolster Nigeria’s maritime sector, which is vital for the nation’s economic growth.
Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.