Stanbic IBTC Infrastructure Fund backs SIFAX Group’s development of the Ijora Terminal
tanbic IBTC Asset Management, Fund Manager of the Stanbic IBTC Infrastructure Fund (the “Fund”) is pleased to announce that it has partnered SIFAX Group of Companies Limited through its subsidiary, SIFAX Shipping ICT Limited, to successfully facilitate the development of an ultra-modern port terminal on 8.3 hectares of land (~82,846 m²) in Ijora, Lagos – The Ijora Terminal (the “Project”).
The Project encompasses the development of a new container terminal, construction of a quay wall, dredging of the harbor, and the procurement of essential port equipment towards contributing to solving critical capacity needs in Nigeria’s maritime industry.
Through the development of the Ijora Terminal, the SIFAX Group intends to add value to the maritime transport and logistics industry by providing additional cargo clearing capability which is expected to result in reduced congestion at the Apapa and Tincan Ports; thereby improving efficiency and reducing delays for importers and exporters.
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.
This transaction is 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.
Source: Nairametrics
