The Stanbic IBTC Asset Management, manager of the Stanbic IBTC Infrastructure Fund, has partnered with SIFAX Group of Companies Limited to facilitate the development of an ultra-modern port terminal in Ijora, Lagos.
According to a statement from the fund on Tuesday, the partnership with the group’s subsidiary, SIFAX Shipping ICT Limited, will develop the Ijora Terminal.
The terminal, which is now under construction and partly operational, is expected to complement the broader port services rendered by the existing ports along the same water channel in Apapa, Lagos—the Apapa Port and Tincan Island Port.
The project is expected to include the development of a new container terminal, construction of a quay wall, dredging of the harbour, and the procurement of essential port equipment towards contributing to solving critical capacity needs in Nigeria’s maritime industry.
Commenting on the partnership, the Chief Investment Officer, Stanbic IBTC Infrastructure Fund, Mr. Dolu Olugbenjo, said that the project offers a unique opportunity to contribute to the development of the maritime sector in Nigeria, which is crucial for the country’s economic prosperity.
“By modernising the Ijora Terminal and expanding its capacity, the project aims to generate significant economic and social benefits, including improving trade flows, creating jobs, and addressing the challenges of congestion and limited capacity at the country’s existing ports,” Olugbenjo said.
Founder and Chairman of the SIFAX Group of Companies, Dr. Taiwo Afolabi, also expressed enthusiasm about the partnership, which he said would have multiple impacts on the economy.
“We are immensely proud to have achieved financial close and construction commencement on the project, in partnership with our very supportive lenders, shareholders, contractors, and all our regulators. In addition to improving ports and terminal capacity for Nigeria, this project will also create jobs and support the country’s development. The terminal will deliver impact on SDGs 1 (no poverty), eight (decent work and economic growth), nine (industry, innovation, and infrastructure), and 11 (sustainable cities and communities),” he averred.
Meanwhile, the fund reiterated that the transaction aligned with Stanbic IBTC’s commitment to supporting impactful infrastructure projects and contributing to the sustainable development of Nigeria.
“As a leading investor in infrastructure in Nigeria, Stanbic IBTC is committed to playing a pivotal role in ensuring that the institution can support projects that will enhance the country’s infrastructure and provide more reliable solutions for people and communities across the country. The project’s strong financial prospects, supported by a positive market outlook, credible project sponsor, and experienced project parties, make it an attractive investment,” said part of the statement.
