Stanbic IBTC Asset Management, the fund manager of the Stanbic IBTC Infrastructure Fund, has announced its strategic partnership with the SIFAX Group of Companies Limited to support the development of the Ijora Terminal in Lagos. The collaboration, facilitated through SIFAX Shipping ICT Limited, a subsidiary of SIFAX Group, marks a major investment in Nigeria’s maritime sector with the construction of a state-of-the-art container terminal spanning 8.3 hectares in Ijora, Lagos.
The project will see the creation of a modern terminal infrastructure including the building of a quay wall, harbour dredging, and procurement of essential port equipment. This initiative is expected to significantly boost Nigeria’s maritime capacity and alleviate congestion at the overstretched Apapa and Tincan Island Ports. By providing additional cargo handling capacity, the Ijora Terminal aims to enhance logistics efficiency and reduce delays for both importers and exporters operating in the country.
Now partially operational and under active construction, the Ijora Terminal is designed to complement existing port facilities located along the same water channel in Apapa, strengthening the overall efficiency of the maritime logistics corridor in Lagos.
This investment aligns with Stanbic IBTC’s commitment to supporting transformative infrastructure projects across Nigeria. As one of the country’s leading infrastructure investors, Stanbic IBTC remains focused on backing developments that contribute to sustainable economic growth and improved quality of life for communities. The Ijora Terminal, with its robust financial fundamentals, promising market outlook, and credible project sponsors, presents a highly attractive investment opportunity.
Commenting on the significance of the project, Mr. Dolu Olugbenjo, Chief Investment Officer of the Stanbic IBTC Infrastructure Fund, said, “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 modernising the Ijora Terminal and expanding the capacity of the terminal, 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.”
Dr. Taiwo Afolabi, Founder and Group Chairman of the SIFAX Group of Companies, also highlighted the broad developmental impact of the initiative. “We are immensely proud to have achieved financial close and construction commencement on the project, in partnership with our very supportive lenders, shareholders, contractors, and all our regulators. 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 (no poverty), 8 (decent work and economic growth), 9 (industry, innovation, and infrastructure) and 11 (sustainable cities and communities),” he stated.