Philippine firm International Container Terminal Services (ICTSI) has announced on May 25 that it has abandoned port contract in Nigeria, due to prolonged delays of the project.

According to the firm, the port, which was to be operational this year, could not be constructed as a result of funding issues.

ICTSI and Lekki Port LFTZ Enterprise, the project’s promoter, have both agreed to terminate a sub-concession agreement signed in 2012.  “The parties arrived at this decision following delays in the execution of the Lekki Port Project,” ICTSI said.

Under the agreement, the Asian firm had exclusive rights to develop and run a container terminal within the Lekki Port, located at Ibeju Lekki in Lagos State, for 21 years, reports Nikkei Asian Review.

With over 20 port contracts around the world, ICTSI was established in 1988 in Manila and is involved in port operations, management and development.