Stanbic IBTC, SIFAX Group partner on Ijora Terminal development

Stanbic IBTC Asset Management Ltd. has partnered SIFAX Group to facilitate the development of an ultra-modern port terminal on 8.3 hectares of land (~82,846 m²) in Ijora, Lagos

The Group Chairman of SIFAX Group, Dr Taiwo Afolabi, made this known in a statement issued by its company’s Group Head, Corporate Communications, Mr Olumuyiwa Akande, in Lagos on Thursday.

BRANDECONOMY reports that Stanbic IBTC Asset Management Ltd. is the Fund Manager of the Stanbic IBTC Infrastructure Fund while SIFAX Group through its subsidiary, SIFAX Shipping ICT Limited,

Afolabi said the project encompassed the development of a new container terminal, construction of a quay wall, dredging of the harbour and the procurement of essential port equipment.

The chairman added that this was toward contributing to solving critical capacity needs in Nigeria’s maritime industry.

He said: “Through the development of the Ijora terminal, SIFAX Group intends to add value to the maritime transport & logistics industry.

“This is 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.”

Afolabi said that the bank was committed to playing a pivotal role in ensuring that the institution could support projects that would enhance the country’s infrastructure.

The chairman said that the infrastructure would also provide more reliable solutions for people and communities across the country.

He said the project’s strong financial prospects, supported by a positive market outlook, credible project sponsor and experienced project parties, make it an attractive investment.

Speaking further on the project, the Chief Investment Officer of Stanbic IBTC Infrastructure Fund, Mr Dolu Olugbenjo, said it offered a unique opportunity to contribute to the development of the maritime sector in the country.

Olugbenjo said this was 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.

According to him, this include improving trade flows, creation of jobs, and addressing the challenges of congestion and limited capacity at the country’s existing ports.

“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 which is poverty eradication, decent work and economic growth, industry, innovation, and infrastructure and sustainable cities and communities,” he said.

SIFAX Group is a conglomerate with diversified investments in maritime, oil and gas aviation, hospitality and logistics.

The group is committed to driving economic growth and development across Nigeria and beyond.