LEKKI DEEP SEA PORT PROJECT IS A GAME CHANGER- LAI MOHAMMED ….. Says project will create 169,972 jobs, generate over $201 billion for the nation

Oru Leonard

Minister of Information and Culture, Alhaji Lai Mohammed, has said that the  Lekki Deep Seaport currently under construction in Lagos will be a game-changer because of the impact it will have on the nation’s economy and the jobs it will create, among others.

Honourable Lai who said this on Wednesday while on an inspection of the Port in Lagos disclosed that when the port 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.

Explaining further, the Minister revealed that Lekki Deep Seaport when completed, will generate over $201 billion for the Lagos State and the Federal Government within a concession period of 45 years.

“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 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,” He stated.

He also 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.

“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.”

The Executive Secretary of Shippers Council, Hon Emmanuel Jime expressed worries over accessibility in out the port and called for urgent solution.

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