Project Overview
The Ijora Terminal project involves the development of a new container terminal, construction of a quay wall, dredging of the harbor, and procurement of essential port equipment. Once completed, the terminal is expected to complement the services provided by the existing Apapa and Tincan Island Ports, reducing congestion and improving operational efficiency for importers and exporters.
The terminal, which is currently under construction and partly operational, is designed to add significant value to Nigeria’s maritime transport and logistics industry. By providing additional cargo clearing capacity, the project aims to alleviate the persistent challenges of congestion and delays at the Apapa and Tincan Ports, thereby enhancing trade flows and supporting economic growth.
Stanbic IBTC’s Commitment to Infrastructure Development
This partnership aligns with Stanbic IBTC’s commitment to supporting impactful infrastructure projects that contribute to Nigeria’s sustainable development. As a leading investor in infrastructure, Stanbic IBTC is dedicated to financing projects that enhance the country’s infrastructure and provide reliable solutions for communities across Nigeria.
Mr. Dolu Olugbenjo, Chief Investment Officer of the Stanbic IBTC Infrastructure Fund, emphasized the significance of the project, stating, “This project offers a unique opportunity to contribute to the development of the maritime sector in Nigeria, which is crucial for the country’s economic prosperity. By modernizing 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 the challenges of congestion and limited capacity at the country’s existing ports.”
Economic and Social Impact
The Ijora Terminal project is expected to deliver substantial economic and social benefits, including job creation, improved trade efficiency, and enhanced infrastructure. The project also aligns with several United Nations Sustainable Development Goals (SDGs), including:
- SDG 1 (No Poverty): By creating employment opportunities and supporting economic activities.
- SDG 8 (Decent Work and Economic Growth): Through job creation and improved trade flows.
- SDG 9 (Industry, Innovation, and Infrastructure): By modernizing and expanding port infrastructure.
- SDG 11 (Sustainable Cities and Communities): By reducing congestion and improving the efficiency of urban logistics.
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| L-R: Ms. Jesuyemisi Odeyemi (Group Head, Legal Services and Group Company Secretary, SIFAX Group); Dr.Taiwo Afolabi, Group Chairman, SIFAX Group; Mr. Dolu Olugbenjo, Chief Investment Officer, Stanbic IBTC Infrastructure Fund; Mrs. Wunmi Eniola-Jegede, Group Coordinating Director, SIFAX Group; and Mr Rotimi Teteye Senior Vice President, Stanbic IBTC Infrastructure Fund. |
A Collaborative Effort
Dr. Taiwo Afolabi, Founder and Group Chairman of SIFAX Group, expressed pride in achieving financial close and commencing construction on the project. He acknowledged the support of lenders, shareholders, contractors, and regulators, stating, “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, 8, 9, and 11.”
The development of the Ijora Terminal represents a significant milestone in Nigeria’s efforts to modernize its maritime infrastructure and address the challenges of port congestion. Through this partnership, Stanbic IBTC Asset Management and SIFAX Group are demonstrating their commitment to driving sustainable development and economic growth in Nigeria.
As the project progresses, it is expected to play a pivotal role in enhancing the efficiency of Nigeria’s maritime sector, creating jobs, and contributing to the country’s broader economic prosperity. This initiative underscores the importance of public-private partnerships in addressing critical infrastructure needs and achieving long-term sustainable development goals.