$1.5 billion Lekki Deep Seaport 79.68% completed, say promoters

The promoters of the Lekki Deep Seaport, the Lekki Port LFTZ Enterprise Limited, have said that the construction of the $1.5 billion Lekki Port project is about 80 per cent completed, with expectations to commence commercial operations in 2023.

According to the monthly update report by the company, total works on the deep seaport is now 79.68 per cent completed while dredging and reclamation works are now 89.93 per cent completed.
The company further said that the quay wall is now 85.65 per cent completed and the breakwater is also 79.66 per cent completed.

“For landside infrastructure, works done is 67.82 per cent completed, bringing total works carried out on the project as of Thursday, January 6, 2022, to 79.68 per cent completion stage,” the company stated.

Daily Sun learnt that the project spread over 90 hectares of land in the heart of the Lagos Free Zone, and situated just 65 km east of Lagos city is expected to create about 169,972 new jobs, while revenue to state and federal agencies from taxes, royalties and duties would amount to about $201 billion.

According to the promoters, the development of Lekki Deep Seaport was conceptualized on the basis of a significant gap in projected demand and capacity.

In addition to bridging the capacity deficit, Lekki Deep Seaport is expected to have a significant positive impact estimated at $361 billion over the term of the concession.

Furthermore, Lekki Port is expected to spur the economic development around the Lekki sub-region and the wider Lagos State through rapid industrialization.

The project enjoys a development structure that is the first of its kind in Nigeria. This is the single largest private investment in infrastructure in Nigeria being developed on a non-recourse project finance basis with the majority of financing being raised internationally.

The western boundary of the site lies east of Magbon Segun Village while the eastern margin lies west of Itoke Village. The Atlantic Ocean forms the southern boundary of the site and is bounded on the North by the Old Ibeju-Lekki Road between Eleko and Akodo.

The major roads and highways around the port include Old Ibeju-Lekki Road, Lekki-Epe Expressway, Ikorodu Road, Ikorodu-Itoikin-Ijebu-Ode Road, Itoikin-Epe Road, Lagos-Ibadan Expressway and Sagamu-Benin Expressway.

In addition to this existing network, a number of new key road and bridge projects and expansion of existing highways are under development, connecting Lekki Port further into the hinterlands.

The strategic location, flexible and optimized layout and modern facilities provide Lekki Port with a distinct competitive edge over any other port facility in the West African region. (Vanguard)