Lekki Port To Contribute $8bn To Nigeria’s Economy Annually

The Lekki Deep Sea Port, inaugurated by President Muhammadu Buhari on Monday, will contribute over $8 billion to the Nigerian economy annually.

The inauguration is part of the president’s activities during his two-day official tour of Lagos State.

The president, at the end of the state visit, will depart for Dakar, Senegal today (Tuesday).

Lekki port is the first deep seaport in Nigeria and will have a concession term of 45 years, contributing $361 billion to the GDP.

The Infrastructure Concession Regulatory Commission (ICRC) gave the revenue profile of the port in a statement after its inauguration.

ICRC described the project as a major success story in public-private partnership in infrastructure development in Nigeria.

It put value of the project at $1.5 billion in assets and $800 million for construction of all its phases.

Mr Du Ruogang, Managing Director of ICRC, said the port would boost Nigeria’s Gross Domestic Promote and facilitate trade volume.

Ruogang said the port would improve Nigeria’s external trade competitiveness through improved port efficiency and cost-effective port operations and services.

It will also improve turnaround time for cargo handling and clearance, he said.

The Federal Government owns five per cent stake in the port while Lagos State holds 20 per cent.

The Lekki Port Investment Holding Inc. owns the remaining 75 per cent.

While commissioning the project, President Buhari applauded the promoter of the Lekki port for achieving the feat.

He said it would significantly boost the nation’s economy.

Lagos Governor’s Remarks
Gov. Babajide Sanwo-Olu of Lagos State described the project as the biggest infrastructure in the whole of West Africa.

Sanwo-Olu added that the port would generate thousands of jobs in the country.

He stated the multi-billion-naira project “is a collaboration between the Federal and Lagos State government as well as the private stakeholders.

The governor expressed joy that the execution of the project began and reached completion under Buhari’s administration’s tenure.

“We are indeed excited that the project execution started during your regime and it is now completed during your tenure,” the governor said.

He thanked Buhari for his commitment to the development of the country and appreciated all those who contributed immensely to bringing the project to reality.

Muhammed Bello-Koko, Managing Director of the Nigerian Ports Authority (NPA), in his welcome remarks, described the commissioning of the port as a dream come true.

Bello-Koko said the port, with a depth of 16.5 meters, will attract bigger vessels, create more employment and reduce the cost of doing business at the nation’s ports.

He said NPA would be responsible for regulating and providing marine services to the port,

The NPA boss added that the Authority had procured necessary equipment that would ensure the safe and secured berthing of vessels at the port.

Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Bashir Jamoh, said with the commissioning of the Lekki port, Nigeria has seen the emergence of one of the best ports in Africa.

He said the maritime industry is a key area to pursue in the quest to develop Nigeria’s economy.

In his remarks, Executive Secretary of the Nigerian Shippers Council (NSC), Emmanuel Jime said the Council would monitor the efficiency of the services that will be delivered at the port.

Meanwhile, the port is reputed as the most modern and deepest seaport in West Africa.
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