By Ayomide Otitoju
Stanbic IBTC Asset Management, the manager of the Stanbic IBTC Infrastructure Fund, has partnered with SIFAX Group of Companies Limited to develop an ultra-modern port terminal in Ijora, Lagos.
In a statement on Tuesday, the fund announced its collaboration with SIFAX Shipping ICT Limited, a subsidiary of SIFAX Group, to execute the Ijora Terminal project.
Currently under construction and partially operational, the terminal is expected to enhance port services along the Apapa water channel, complementing the existing Apapa Port and Tin Can Island Port. The project encompasses the development of a new container terminal, construction of a quay wall, harbor dredging, and procurement of critical port equipment to address Nigeria’s growing maritime capacity needs.
Chief Investment Officer of the Stanbic IBTC Infrastructure Fund, Dolu Olugbenjo, highlighted the significance of the initiative, describing it as a key contributor to Nigeria’s maritime sector and economic prosperity.
“By modernising the Ijora Terminal and expanding its capacity, the project aims to generate significant economic and social benefits, including improving trade flows, creating jobs, and addressing congestion challenges at Nigeria’s existing ports,” Olugbenjo stated.
Founder and Chairman of SIFAX Group, Dr. Taiwo Afolabi, expressed confidence in the partnership, emphasizing its broad economic impact.
“We are immensely proud to have achieved financial close and commenced construction on the project, working alongside our supportive lenders, shareholders, contractors, and regulators. This initiative will not only enhance Nigeria’s port and terminal capacity but also create jobs and drive national development,” Afolabi said.
He added that the project aligns with the United Nations Sustainable Development Goals (SDGs), specifically targeting poverty reduction, economic growth, industry innovation, and sustainable urban development.
Stanbic IBTC reaffirmed its commitment to supporting infrastructure development in Nigeria, emphasizing that the transaction aligns with its broader investment strategy.
“As a leading infrastructure investor in Nigeria, Stanbic IBTC is dedicated to funding projects that enhance the nation’s infrastructure and provide reliable solutions for businesses and communities. The strong financial outlook of this project, supported by credible sponsors and experienced stakeholders, makes it a viable investment,” the statement added.
