The Oyo State Government is to partner APM Terminal on the construction of the $9million Ibadan Logistics Center Project (ILCP) in Erunmu area of Ibadan.
Mr Yinka Fatoki, the Executive Secretary of the Bureau of Investment Promotion, said this while speaking with newsmen on Tuesday in Ibadan.
Senator Abiola Ajimobi had on Monday performed the turning of sod of the new project at Erunmu area of Ibadan.
He said that the state government had in December 2016 signed an MoU with APM Terminals, an international conglomerate, aimed at providing alternative logistics solutions to states in the South West region of Nigeria.
Fatoki said that the ILCP project strategically located on a 12 hectare plot in Ibadan was projected at US$9million and expected to take off by December 2019.
He said that ILCP to all intents and purposes would have and operate with all appurtenances of an Inland Dry Port and operate with the instrumentality of a valid customs’ licence.
Fatoki said the state government had extracted APM Terminal assurances that the construction process would be completed within 12 months after which the facility would become fully functional.
“As hinted earlier, APM has attained financial closure from their International headquarters in Netherlands on this transaction and are prepared to commence construction work immediately,” he said.
Fatoki said that the project was designed to bring port services closer to importers in Ibadan while serving neighbouring states, local consumers as well as significant manufacturing and distribution base.
“The facility will also contribute to the alleviation of road traffic congestion at Apapa port through the rail evacuation cargo to the Ibadan Logistics Center.
“It will also be connected to the narrow-gauge rail network of cargo directly from Apapa port to the Logistics Centre at Erunmu in Ibadan,” he said.
