Lekki deep seaport critical to Nigeria’s economic development

The Federal Government has said that the Lekki deep seaport which is expected to be completed before the end of the year is critical to the nation’s economic development as it would create about 170,000 jobs to boost Nigeria’s economy.

The project is also expected to bring revenues of about $201 billion to federal and state governments through taxes, royalties and duties as well as an aggregate impact of $361 billion in 45 years upon the commencement of operations.

This was made known by the Minister of Information and Culture, Alhaji Lai Mohammed, during a routine tour of the port, on Wednesday, saying that the port project was critical to the nation’s economic development.

Mohammed described the Lekki Deep Seaport which is regarded as the deepest seaport in West Africa, asq with the capacity to turn Nigeria into a shipping hub, boost the economy and create jobs.

“Lekki seaport is the deepest seaport in Nigeria and West Africa, and that in itself is a unique advantage. It covers a land area of 90 hectares and it has a concession period of 45 years.

“It is a consortium that includes China Harbour Engineering Company, Tolaram, Lagos State Government, Nigerian Ports Authority and Lekki Port Investment Holding Inc.

”I 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. The investment is huge: 1.53 billion dollars on fixed assets and 800 million dollars on construction.

”But the aggregate impact has been put at 361 billion dollars 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 totalling 201 billion dollars to the state and FG through taxes, royalties and duties.

“The direct and induced business revenue impact is estimated at 158 billion dollars, 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 transhipment. With this port, Nigeria will become a transhipment hub and the revenue we are currently losing to our neighbouring countries will come here. That’s big.’’

He expressed satisfaction with the level and quality of work on the port and said that the project was done in phases, saying Phase 1 has reached 89% and would be completed in September 2022.

He said that the facilities in the port were first class, adding that 7 ships to shore cranes and 21 RTG cranes has been made available and commended shareholders of the port for deploying such first-class equipment for its operations.

Recall we had already published an article on The Nigerian economy and the growing business opportunities in Lekki.