Home » FG, Lagos to earn $201bn from Lekki port – Lai Mohammed

FG, Lagos to earn $201bn from Lekki port – Lai Mohammed

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The Minister of Information and Culture, Mr. Lai Mohammed Thursday disclosed that the Lekki Deep Seaport will create direct and induce business revenue estimated at $201billion and add qualitative impact on the manufacturing, trade and commercial services sector.

 

Alhaji Mohammed further said it will create 169,972 jobs and bring revenues to state and federal governments through taxes, royalties and duties. 

He noted this during an inspection of the Lekki Deep Seaport in Lagos state and said the investment is huge at $1.53 billion on fixed assets and $800 million on construction, but the aggregate impact has been put at $361 billion in 45 years, which will be over 200 times the cost of building it.

“The Lekki Deep Sea Port, a Build, Own, Operate and Transfer concern, is a massive project, a game-changer and a pacesetter.

” It 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.

” 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).

Also speaking, the Managing Director of Lekki Port, Du Ruogang said they have made significant progress until today and it is encouraging news for all of us.

He said they have started the investments of Lekki Phase 2 and commenced the development of Lekki Phase 3.

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