- Government approves US$1.4 billion port development project
The Nigerian government has given the go-ahead to the proposed $1.4 billion Lekki Port – the first ever deep sea port in West Africa
The Lekki Deep Sea port is expected to be completed within four years, the Nigerian minister of information Labaran Maku told Xinhua News.
The 90-hectare complex will be set within the Lagos Free Trade Zone, 65 kilometres east of Lagos, and will be capable of handling four million tonnes of cargo annually.
The mega port will include a dry bulk and liquid bulk terminal as well as a dedicated container facility to be operated by Philippine operator International Container
Terminal Services Inc. (ICTSI). ICTSI signed a sub-concession earlier this year to equip and operate the container terminal on an exclusive 20-year basis. The container terminal will have a handling capacity of 2.5 million TEU with a quay length of 1,200 meters, an initial draft of 14 metres, with the potential for further dredging to 16.5 metres.
“The economic benefits of the port to the country need not to be overemphasised,” said Maku.
“Not less than $9.3 billion will accrue to the Nigerian Port Authority (NPA), made up of $2.6 billion from marine services and royalties and $6.7 billion share of profits from the investments.”
“Other benefits include the ripple effects of operation of the port from custom charges and other economic benefits which will not be less than $379 billion over the period of 45 years.”
The port will also help to generate as many as 162,000 direct and indirect jobs for the region.