EKO NEWS

Lekki Port To Generate $201bn Revenue For FG, Lagos In 45 Years ― Lai Mohammed

Published

3 years ago

May 4, 2022.

Quadri Abdulsamod

Lekki Seaport will create 169,972 jobs and bring revenues totalling 201 billion dollars to state and federal governments through taxes, royalties and duties – Minister
Managing Director of Lekki Port, Du Ruogang assured the Minister of the timely completion of the project

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EKO HOT BLOG reports that Minister of Information and Culture, Alhaji Lai Mohammed, has revealed that Lekki Deep Seaport currently under construction in Lagos, when completed, will generate over $201 billion for the Lagos State and the Federal Government within a concession period of 45 years.

Speaking on Wednesday while on an inspection of the Port in Lagos, Mohammed said the project is 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 state and federal governments through taxes, royalties and duties,” he said.

The Minister explained that “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.

As you know, this project is being done in phases. Phase 1 has reached 89 per cent and will be completed in September this year,” the Minister added.

He further noted that “the facilities here are first class. We have 7 ships to shore cranes and 21 RTG cranes. No port in Nigeria currency has this. The excellent equipment is why this port can do 18,000 which is more than four times the number that can currently be handled by our other ports.

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“Also, the project is self-sufficient in required electricity. It is now ready to generate up to 10 Mega Watts and tie total capacity is 16 megawatts.”

On his part, the Managing Director of Lekki Port, Du Ruogang assured the Minister of the timely completion of the project.

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