FG Partners Westron Properties to Build Seaport in Ijegun

Lekki Deep Seaport
  • FG Partners Westron Properties to Build Seaport in Ijegun

The Federal Government has partnered Westron Properties, an engineering and maritime investment company, to build a seaport in the Ijegun area of Lagos State.

According to the Chairman, Westron Properties, Chief George Igboegun, the seaport which currently absorbs 25 percent of the Apapa traffic would absorb 50 percent on completion.

He said the development of Ijegun port city started in the 1990s with massive dredging and reclaiming of the swamp around the Satellite Town area.

He said, “The demand for port facilities in the ever-growing city of Lagos has seen an exponential growth in the last few years. The resultant effect is that even the addition of Tin Can Island port could still not meet this demand.

“This has led to the chaos Apapa has turned into, with the nation losing tonnes of money on daily basis. Effort by the government to ease the pain of Apapa has not yielded the desired result.”

The Westron Properties boss put the current market value of Ijegun port city at $30 million while the company has spent more than $13 million developing it.

He said, “The new bridge and road represent some of our contributions towards bridging this infrastructural gap in the new city. It is our hope that with the combined effort of both the private and public sectors, the city will see further growth, making significant contributions towards relieving the Apapa problem.

“It is projected that our present additional development in the area, will see a further growth of 30 per cent in this new city.”

He added that the establishment of Ijegun port city had brought rapid development and increased the overall storage capacity for petroleum products, thus reducing the shortage of the products.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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