The first sub-Saharan Africa deep-sea container port will be situated in Olokola, Ondo State Nigeria. The project jointly financed by the African Finance Corporation (AFC), Dangote Group and Western Metal Company (Wempco) is expected to transform the continent’s shipping and port capacity upon completion. Cost: about 1 billion USD.

Olokola is approximately 125 kilometres from Escravos, in-between Escravos and Lagos. It is 45 kilometres east of Lekki-Lagos axis and 400 kilometres west of Onne, near Port Harcourt.

The AFC-led consortium will maintain a 78 per cent shareholding, with Africa Infrastructure Limited, a wholly owned AFC subsidiary, carrying out the role of sole project developer/ manager and AFC as the sole project financial adviser. Ogun and Ondo State governments and the local community will hold 22 per cent shareholding in the project, through an innovative host community investment arrangement. This is designed to sustain the project’s local licence to operate, by ensuring that the host community has a vested interest and share from the project’s success.

Read full text: Olokola Deep-Sea Port to Gulp $1bn

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