SIFAX Group secures Stanbic IBTC Funding for Ijora Terminal Development
Stanbic IBTC Asset Management Limited, the fund manager of the Stanbic IBTC Infrastructure Fund, has partnered with SIFAX Group through its subsidiary, SIFAX Shipping ICT Limited, to support the development of a state-of-the-art port terminal spanning 8.3 hectares (~82,846 m²) in Ijora, Lagos.
Expressing his delight over this milestone, Dr Taiwo Afolabi, Founder and Group Chairman of SIFAX Group, stated: “We take immense pride in reaching financial closure and commencing construction on this project, thanks to the unwavering support of our lenders, shareholders, contractors, and regulatory bodies.
“Beyond enhancing Nigeria’s port and terminal capacity, this initiative will create employment opportunities and contribute to national development. The terminal will significantly advance the objectives of Sustainable Development Goals (SDGs) 1 (No Poverty), 8 (Decent Work and Economic Growth), 9 (Industry, Innovation, and Infrastructure), and 11 (Sustainable Cities and Communities).”
According to SIFAX Group, the project encompasses the development of a modern container terminal, construction of a quay wall, dredging of the harbour, and the acquisition of essential port equipment, all aimed at alleviating the critical capacity constraints in Nigeria’s maritime sector.
The Ijora terminal is set to enhance the country’s maritime transport and logistics industry by boosting cargo clearance capabilities, which will help ease congestion at Apapa and Tincan Ports, thereby improving operational efficiency and minimising delays for both importers and exporters.
Currently under construction and partially operational, the terminal is expected to complement existing port services offered by Apapa Port and Tincan Island Port along the same water corridor in Lagos.
This investment aligns with Stanbic IBTC’s mission to support high-impact infrastructure projects that contribute to Nigeria’s sustainable development.
Mr Dolu Olugbenjo, Chief Investment Officer of the Stanbic IBTC Infrastructure Fund, commented, “This project presents a significant opportunity to advance Nigeria’s maritime sector, which is essential for economic growth.
“By modernising the Ijora terminal and expanding its capacity, we aim to generate substantial economic and social benefits, including improved trade facilitation, job creation, and tackling the challenges of congestion and capacity limitations at existing ports.”
This collaboration marks a major step in transforming Nigeria’s maritime landscape, reinforcing both SIFAX Group’s and Stanbic IBTC’s commitment to driving sustainable infrastructure development.
