Lekki Deep Seaport: Nigerian government targets US$360

The government is aiming to generate 360 billion US dollars from the Lekki Deep Seaport as the port’s contribution to the nation’s Gross Domestic Product (GDP).

Nigeria’s Minister of Transportation, Rotimi Amaechi, who disclosed this during his visit to the port in Lagos, Southwest Nigeria, sought for extension of the land allotted for the construction of the Lekki Deep Seaport so as to enable the completion of the project.

He urged the Nigerian Ports Authority (NPA) to discuss with the Lagos State government on the land extension.

The Minister, while assuring that the Lagos Lekki Deep Seaport will begin full commercial activities in September 2022, described the project as a huge achievement for the President Muhammadu Buhari’s led administration.

“As a layman I cannot talk in terms of percentage. I can only say that I am impressed compared to the last time we came here.

“I am being told by the management that by June, they are expecting cranes and by September, as we agreed, they should commence commercial activities, I am happy.

“This is a privately-funded project. Over time they will collect their revenue from commercial activities before they hand over to the Federal Government through NPA.

“Obviously, taxes will be collected here, even them… they will pay taxes.

“I doubt there is tax exemption, so we will collect taxes and I must say that the confidence in giving them the project is because of the taxes that we will collect,” he explained.

On the port’s contribution to the GDP, Amaechi said it would contribute about 360 billion dollars, which is not even enough to accomplish what is needed.

“The growth of the economy will put pressure on the expansion of the project.

“The argument we have in the cabinet is that the need for Lekki is as a result of the fact that the demand for port activities have exceeded the supply of Tin Can and Apapa ports around Lagos.

“We have more ports than the country needs for now because manufacturing is a big problem in Nigeria coupled with the fact that this is the first seaport in Nigeria.

“Right here you have 16.5 meters draught, which is good for the country but the country needs more than just one.

“This is because they no longer manufacture those 11 meters vessels. They now go between 16 meters and above. So, we need just more than Lagos deep seaport.

“And I think that is why for me before I leave office I will emphasize on the construction of the Bonny deep Seaport.

The minister explained that the project, when completed, would create more economic activities and jobs for the teeming youths, among other things.

Amaechi stated that measures were in place to ensure the ports were automated and of international standard:

“Everything is automated, from the gate till you get here. So you will see something close to what you have in DP wall in Dubai and what you have in Singapore.”

On rail, Amaechi reiterated the need for a rail system that would convey both liquid and dry cargoes out of Lagos through the ports.

On his part, the Managing Director, NPA, Mohammed Koko, said the authority would continue to work to ensure the realization of the project.

“So this is a port that is private and automated but NPA will also carry out its responsibilities,” said Koko.

The Lekki Deep Seaport, which is being constructed on 90 hectares of land is based on a build-own-operate-and-transfer arrangement.

It is also expected to have 16.5 meters draught, which is the deepest in Nigeria, and a projected capacity of 2.7 million twenty-foot equivalent units of containers per annum. (NAN)