The Federal Government predicts that the Lekki Port will generate approximately $200 billion in revenue over the next 45 years.
This projection was made by Minister of Marine and Blue Economy, Adegboyega Oyetola, who noted that the port will create 169,972 jobs and bring in revenues of $201 billion to state and federal governments through taxes, royalties, and duties.
The Lekki Port is expected to have a significant impact on the economy, with an estimated direct and induced business revenue impact of $158 billion.
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The port's operations will also have a qualitative impact on the manufacturing, trade, and commercial services sectors.
Daily Trust reports that the Lekki Deep Sea Port commenced full commercial operations on 6 April 2023. The Port is not only Nigeria's first deep seaport but also Nigeria's first fully automated port equipped with Super Post-Panamax ship-to-shore cranes and Rubber tyre gantry (RTG) cranes. The port will accommodate vessels carrying up to 15,000 containers.
Speaking at a breakfast meeting organized by the Nigerian Chamber of Shipping (NCS), in collaboration with Lekki Port which was held in Lagos, the Minister explained that since the port commenced commercial operations, the challenge associated with port congestion has been easing both in Lagos and other ports, while simultaneously enhancing Nigeria's competitiveness as a logistic hub.
Oyetola stated that the level of world-class infrastructure at the port signals vast untapped opportunities for investors, operators, and service providers.
He also stressed that the federal government has been playing a pivotal role in ensuring that the port does not suffer logistic bottlenecks through the completion of critical access roads linking it directly to major highways.
According to him, with the road infrastructure provided by the federal government in collaboration with the Lagos State Government and private sector partners, cargo now moves out faster, investors' confidence is restored, and trade flows without unnecessary delay.
He noted that the success of the port offers a replicable model for trade and shipping growth in Nigeria, adding that it was built on five pillars which include strategic location with regional market access; strong public-private partnership framework; integrated transport links by road, rail, and inland waterways; supportive policies and investment incentives; and technology-driven operations that deliver speed, transparency, and efficiency.
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Speaking on the theme "Unlocking opportunities: The Lekki Deep Sea Port Playbook for Transforming Trade and Shipping in Nigeria," the Managing Director, Lekki Port, Wang Qiang, described the Lekki Deep Sea Port project as a clear example of how bold policy, modern infrastructure, and effective partnerships can transform trade, catalyse industry, and advance the blue economy agenda in Nigeria.
Qiang explained that the success of the Lekki Deep Seaport Public-Private Partnership playbook has clearly demonstrated how the adoption of the model can optimize Nigeria's maritime potential.
Also speaking during the panel session, Managing Director, Nigerian Ports Authority, Dr. Abubakar Dantsoho, emphasized the significance of mobilizing much needed resources to undertake such capital-intensive projects like the Lekki Deep Sea Port.
