Home News Lekki Deep Seaport to generate $158bn investments – FG

Lekki Deep Seaport to generate $158bn investments – FG

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Factual Pursuit of Truth for Progress

 

Upon completion, the Lekki deep seaport, in Lagos, is capable of generating $158 billion through direct and induced business impact. It would also wrestle lost cargoes from West Africa countries, such as Ghana, Togo and Benin Republic. The Federal Government said on Wednesday.

The Minister of Information and Culture, Lai Mohammed, made this known while speaking with the media on the benefits which the port would attract to Nigeria, described Lekki Deep Seaport as “the game changer.”

The Minister was on an inspection tour of the port to ascertain the extent of work done, ahead of commissioning in the fourth quarter of 2022.

The minister explained that he called it a game changer because of the impact it will have on the nation’s economy and the jobs it will create, among others.

According to him, the investment is huge: $ 1.53billion on fixed assets and $800 million on construction, adding that the aggregate impact has been put at $361 billion in 45 years, which will be over 200 times the cost of building it.

“In addition, it will create 169,972 jobs and bring revenues totaling $201 billion to state and federal government through taxes, royalties and duties. “The direct and induced business revenue impact is estimated at $158 billion in addition to a qualitative impact on manufacturing, trade and commercial services sector. “Beyond that, when it begins operation in the last quarter of this year, it will make it possible for Nigeria to regain the maritime business that was lost to ports in Togo, Cote d’Ivoire and Ghana.

“It is also a big boost to Nigeria in its quest to take advantage of the implementation of the African Continental Free Trade Agreement (AfCFTA). “A major advantage we have to leverage is transshipment. With this port, Nigeria will become a transshipment hub and the revenue we are currently losing to our neighboring countries will come here.
“As you know, this project is being done in phases. Phase 1 has reached 89 percent and will be completed in September this year,” he added. The minister further stated that the facilities were first class, and the facility will have seven ship to shore cranes and 21 RTG cranes, noting that presently, no port in Nigeria currency has such.

He said the excellent equipment was why the port can do 18,000 tonnes, which, according to him, is more than four times the number that can currently be handled by our other ports.

The Executive Secretary of the Nigerian Shippers’ Council, Emmanuel Jimeh, who also spoke, expressed fear of a repeat of the problem currently witnessed along the access roads to the seaport in Apapa. “I am worried about how cargos will be evacuated when the seaport eventually comes main stream,” he added.

On his part, the Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello- koko, assured stake holders of the preparedness of government to carry out its responsibilities when operations at the port commence.

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