The Singaporean conglomerate Tolaram Group has signed a loan agreement worth US$629 million with the China Development Bank for the development of the Lekki deep seaport project in Lagos State, Nigeria. 

The project jointly owned by Tolaram Group (22.5%), the Nigerian Ports Authority (5%), the Lagos State Government (20%), and the China Harbour Engineering Company (52.5%). CHEC will serve as the Engineering, Procurement, and Construction (EPC) contractor to oversee the design, construction and commissioning of the port project under the supervision of an American project management consultant known as Louis Berger Group. CHEC will also provide equity funding to the project worth US$470 million. 

The multi-purpose, deep seaport in the Lagos Free Trade Zone, 65km east of Lagos city will handle up to 2.5 million 20-foot equivalent units (TEUs), 16.7 million tonnes (MT) of liquid cargo and 4.5 MT of dry bulk once operational. The project is a 45-year concession based on a Build, Own, Operate and Transfer (BOOT) model.

Aside from China Development Bank, the project is also supported by a consortium of six banks, which include the African Development Bank (AFDB), the European Investment Bank (EIB), Standard Chartered Bank (SCB), RMB, Africa Finance Corporation (AFC) and Standard Bank.