$1.5 billion Lekki Port operational by 2018

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Nigeria’s biggest seaport project, Lekki deep seaport, looks set to begin operations in 2018, following the finalisation by the promoters of the concession agreement, engineering procurement and construction (EPC) contract and funding considerations.

The US$1.5 billion project will take around 47 months to construct and when complete is expected to handle around one million TEU by the second year of operations, rising to a full capacity of 2.5 million TEU annually by the seventh year.

Funding to the tune of $150 million was recently approved by the African Development Bank (ADB), with a further €160 million having been approved in principal from the board of the European Investment Bank.

Studies conducted by independent consultancy firms have revealed that the port has the potential to become Nigeria’s gateway for trade and foreign direct investment. It is also expected to generate around 163,000 direct and indirect employment opportunities.

In terms of wealth generation, estimates of revenues to state and federal government agencies from taxes, duties and royalties are expected to reach $190 billion during the same period.

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