Stanbic IBTC Asset Management has partnered with SIFAX Group to develop an ultra-modern port terminal in Ijora, Lagos. This strategic collaboration aims to address critical capacity challenges and enhance efficiency in the sector.
The Ijora Terminal project spans 8.3 hectares and includes the development of a new container terminal, construction of a quay wall, harbor dredging, and procurement of essential port equipment. By increasing cargo clearing capacity, the terminal is expected to reduce congestion at the Apapa and Tincan Ports, thereby improving trade flows and reducing delays for importers and exporters.
“This project offers a unique opportunity to contribute to Nigeria’s economic prosperity by modernizing the Ijora terminal and expanding its capacity,” said Dolu Olugbenjo, Chief Investment Officer of Stanbic IBTC Infrastructure Fund. “It will generate significant economic and social benefits, including job creation and support for national development.”
The terminal is poised to complement existing port services in Lagos and aligns with Stanbic IBTC’s commitment to impactful infrastructure projects, contributing to Nigeria’s sustainable development. It will also have a positive impact on several Sustainable Development Goals (SDGs), including poverty eradication, decent work, economic growth, industry innovation, and sustainable cities.
“We are proud to have reached financial closure and commenced construction on this landmark project,” noted Dr. Taiwo Afolabi, Founder and Group Chairman of SIFAX Group. “This initiative will not only improve port capacity but also create jobs and support national development.”
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