Lekki Port expected to generate $200 billion revenue for FG in 45 Years

By Adetayo Omotoyosi Adeolu

The Blue and Marine Economy Minister, Mr. Adegboyega Oyetola, has said that the Lekki Port is expected to generate $200 billion in revenue for the government throughout its 45-year concession period.

Oyetola made this announcement on Wednesday during a breakfast meeting organised by the Nigerian Chamber of Shipping in partnership with Lekki Port, in Lagos. He stated that since the port began its commercial activities, the issue of port congestion has been decreasing not only in Lagos but also in other ports. This improvement is also boosting Nigeria’s standing as a competitive logistics hub. He indicated that the presence of world-class infrastructure at the port highlights significant untapped opportunities for investors, operators, and service providers.

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The Minister said, “Lekki is already easing congestion in Lagos and other ports, while enhancing Nigeria’s competitiveness as a logistics hub. It is projected to contribute over $200bn to government revenue over its concession period, with a reach extending beyond our borders to serve neighboring states. Yet it currently operates at only 20 per cent of its capacity, signaling vast untapped opportunities for investors, operators, and service providers.”

During a discussion on “Unlocking opportunities: The Lekki Deep Sea Port Playbook for Transforming Trade and Shipping in Nigeria,” Wang Qiang, Managing Director of Lekki Port, highlighted that the Lekki Deep Seaport project serves as a prime example of how ambitious policies, state-of-the-art infrastructure, and strategic partnerships can revolutionize trade, stimulate industrial growth, and further the blue economy agenda in Nigeria.

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He said, “Post Panamax Ship-to-Shore Cranes that can unload ships twice as fast, thus reducing waiting times, lowering logistics costs, and boosting trade efficiency.

“The port is estimated to impact the economy to the tune of $361bn within 45 years, which is a multiplier effect of about 230 times the cost of construction. It is also expected to generate revenue of up to $201bn to the state and federal agencies in taxes, royalties, and duties.

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“Besides, Lekki Port is already positioned as a regional trade hub, having commenced transshipment operations in 2023. With this development, Nigeria will regain maritime business lost to West African countries and create the right platform to support the import and export needs of the landlocked countries bordering the country”, He added.