The Stanbic IBTC Infrastructure Fund, managed by Stanbic IBTC Asset Management, has forged a strategic partnership with SIFAX Group’s subsidiary, SIFAX Shipping ICT Limited, to spearhead the development of a state-of-the-art port terminal in Ijora, Lagos. This ambitious project aims to alleviate the persistent congestion and capacity limitations plaguing Nigeria’s existing ports, particularly Apapa Port and Tincan Island Port, situated along the same water channel. The Ijora Terminal, currently under construction and partially operational, is poised to complement the services offered by these established ports, bolstering the overall efficiency of the maritime sector.
The Ijora Terminal project encompasses a multifaceted development plan, encompassing the construction of a new container terminal, a robust quay wall, and the dredging of the harbor. The acquisition of essential port equipment is also integral to the project, ensuring the terminal’s operational readiness and capacity to handle increased cargo volumes. This comprehensive approach seeks to address the critical capacity deficit within Nigeria’s maritime industry, fostering smoother trade flows and facilitating economic growth.
The collaboration between Stanbic IBTC and SIFAX Group underscores the shared commitment of both entities to advancing Nigeria’s infrastructure landscape. For Stanbic IBTC, this investment aligns with its broader strategy of supporting impactful infrastructure projects that contribute to the nation’s sustainable development. The Ijora Terminal project is viewed as a particularly attractive investment due to its strong financial prospects, bolstered by a positive market outlook, a credible project sponsor in SIFAX Group, and the involvement of experienced project stakeholders.
From SIFAX Group’s perspective, the partnership represents a significant step towards enhancing Nigeria’s port infrastructure and stimulating economic activity. Dr. Taiwo Afolabi, Founder and Chairman of SIFAX Group, expressed enthusiasm for the project’s potential to create jobs and support the country’s overall development. The Ijora Terminal is expected to have a positive ripple effect, impacting various Sustainable Development Goals (SDGs), including poverty reduction (SDG 1), decent work and economic growth (SDG 8), industry, innovation, and infrastructure (SDG 9), and sustainable cities and communities (SDG 11).
The Ijora Terminal project promises to be a catalyst for positive change within Nigeria’s maritime sector. By expanding port capacity and improving operational efficiency, the project aims to address the bottlenecks that have long hampered trade and economic growth. The creation of new jobs and the associated economic benefits will further contribute to the project’s overall impact, enhancing the livelihoods of local communities and bolstering national prosperity.
The strategic location of the Ijora Terminal, situated along the same waterway as the Apapa and Tincan Island ports, positions it to play a crucial role in optimizing cargo handling and distribution within the Lagos port complex. This strategic positioning, combined with the terminal’s modern facilities and equipment, will facilitate faster turnaround times for vessels, reducing congestion and improving the overall efficiency of the maritime ecosystem. The project’s success will not only benefit the immediate stakeholders but will also have a positive cascading effect on the broader Nigerian economy.
