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VENTURES AFRICA – CMA Terminals, a subsidiary of French maritime giant CMA CGM Group, has acquired 25 percent stake in Nigeria’s Lekki container terminal from Philippines-based port managers, International Container Terminal Services Inc (ICTSI) – owners of the concession rights.
Marseille-based CMA CGM Group is the third largest container shipping firm in the world and the largest in France, with operations in over 150 countries serving 400 out the world’s 521 commercial ports. This investment however is its first in sub-Saharan Africa.
“This [is] our first major investment in Sub- Saharan Africa and it further justifies our desire to be a major player in this market,” Peter Blezdale, MD of CMA CGM Nigeria was quoted by BusinessDay as saying.
“We are very pleased with this cooperation with ICTSI,” added CMA CGM Group CEO, Farid Salem.
The soon to be delivered terminal, which is located in the designated Lagos Free Trade Zone, is an ultra modern, multi-purpose deep water port, expected to be the largest in Nigeria when fully completed.
Valued at $1.4 billion, its boasts an initial capacity of 2.5 million TEU (twenty-foot equivalent unit) and is slated for completion in 2017.