This development comes after Philippine port developer International Container Terminal Services (ICTSI) halted an agreement to develop and operate the container terminal in May 2017.

ICTSI backed out of its US$225 million investments in a public private partnership (PPP) between the Nigerian Ports Authority, Lagos state government and Tolaram Group.

Under the new agreement, the French carrier's subsidiary, CMA Terminals, would be responsible for marketing, operations and maintenance of the container terminal which is expected to comprise two container berths, a 1,200-metre -long quay and 13 quay cranes upon completion in 2020, reported New Telegraph, Lagos.

According to CMA CGM executive officer Farid Salem, larger container ships from Europe and Asia would berth at the port to better serve customers in the entire region. With its 16-metre depth, it will allow the group to deploy ships with a capacity of up to 14,000 TEU.

The container terminal will also enable the group to develop its presence into West Africa's consumer market and will serve as a transshipment hub, especially to neighbouring countries like Togo and Benin.