Tuesday, January 24, 2023

Nigeria Opens Large Chinese-built Port

 The Associated Press published on 24 January 2023 an article titled "Nigeria Bets on Chinese-funded Port to Drive Economic Growth" by Chinedu Asadu.

Nigeria just opened one of the largest ports in West Africa.  State-owned China Harbor Engineering Company (CHEC) build the $1.5 billion Lekki Deep Sea Port with a loan provided by China.  Singapore-based Tolaram Group and CHEC now own 75 percent of the project.

Comment:  Most Chinese infrastructure projects in Africa involve financing often at commercial rates and construction by a Chinese company, but no equity investment.  The Lekki port project is different because it includes a significant equity investment by a Chinese company.