Port operator International Container Terminal Services Inc. (ICTSI) has bagged a new contract to develop and run a major container terminal in Nigeria’s Lagos Free Trade Zone that is expected to be the largest terminal in sub-Saharan Africa once operational in 2016.
ICTSI is expected to invest over $225 million in this project, thus raising its stake in Africa. The Philippine company currently has operations in Madagascar, making Nigeria its second market in the region.
ICTSI is involved in the operations and development of 24 marine terminals and port projects in 17 countries.