Ukraine, Lagos Free Zone to partner on grain terminal

The Ministry of Agrarian Policy and Food of Ukraine and the Lagos Free Zone Company, a venture of Singapore’s Tolaram Group, have signed a memorandum of understanding for Ukraine to participate in the grain terminal project at Nigeria’s Lekki Deep Sea Port.

The Lekki Deep Sea Port, which is operational but still partly under construction, is Nigeria’s first fully automated port. The $1.5 billion port is a joint project of the Nigerian government, Lagos State government, Lagos Free Zone and the China Harbour Engineering Co. (CNEC).

The memorandum was signed by Taras Vysotskyi, first deputy minister of Agrarian Policy and Food of Ukraine, on the sidelines of the Ukraine Recovery Conference that was convened June 21-22 in London, England. Ukraine is a major contributor of wheat and corn to global markets and is the top exporter of sunflower oil.

“The cooperation between the Ministry of Agrarian Policy and Lagos Free Zone Company will be aimed at creating the necessary infrastructure to ensure uninterrupted supply of Ukrainian agricultural products to both Nigeria and the entire African continent,” Vysotskyi said. “The main goal is to ensure food security in the regions that need it most.”

Lagos Free Zone is the first private free trade zone in Nigeria. Centrally located in Lagos State, the commercial center of West Africa’s largest economy, the zone covers 830 hectares. It is fully equipped with world-class infrastructure, a single clearance window for ease of doing business and integrated with the 90 hectares Lekki Deep Sea Port, providing access to regional and international markets.

The Ukraine Recovery Conference focused on international support for Ukraine’s economic and social stabilization and recovery from the effects of Russia’s Feb. 24, 2022, invasion and ongoing war, including through emergency assistance for immediate needs and financing private sector participation in the reconstruction process.

Tags: Global Markets, меморандум, wheat, терминал, Nigeria, Lagos, Lekki Deep Sea Port, Ukraine, sunflower oil, corn, grain