Lekki Port to generate $200bn revenue over its 45-year concession period

By Omodele Adigun

The Lekki Port in Lagos is projected to generate $200 billion revenue over its 45-year concession period.

Adegboyega Oyetola, the Minister of Blue and Marine Economy, said this in Lagos during a breakfast meeting organised by the Nigerian Chamber of Shipping in collaboration with Lekki Port.

According to a statement from his ministry, the minister said the port had assisted in resolving the challenge of congestion formerly experienced in other ports in Lagos, while simultaneously enhancing Nigeria’s competitiveness as a logistics hub.

“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,”  he said.

Oyetola said the world-class infrastructure at the port signals vast untapped opportunities for investors, operators, and service providers.

He said the Federal Government had been playing a pivotal role in ensuring that the port did not suffer logistic bottlenecks through the completion of critical access roads linking it directly to major highways.

The minister also said the road infrastructure provided by the Federal Government in collaboration with the Lagos State Government and private sector partners, had enables cargo to moves out faster and restore investors’ confidence.