LAGOS TARGETS $2.23 BN ANNUALLY AS BUHARI COMMISSIONS DEEP SEA PORT

LEKKI, Lagos, Nigeria – An estimated $2.23 billion dollars is expected to be injected into the economy in terms of construction and fixed assets, with the completion of the Lekki Deep Sea Port. This amount is expected to rise to an aggregate of $3.61 billion over a 45-year concession period in the Nigerian economy.

This, and other benefits of the iconic project to the country were highlighted on Thursday when President Muhammad Buhari led the flag off ceremony for the construction of the Lekki Deep Sea Port project. The president, who was represented by Vice President Yemi Oshinbajo, said projects like this were important to the presidency, especially because it was in tandem with government’s plans to diversify the nation’s economy.

The president, who is on a two-day working visit to Lagos, also attended the colloquium marking the 66th birthday of APC leader and former governor of Lagos, Asiwaju Bola Tinubu, at the Eko Hotel and Suites. He also officially commissioned the Ikeja Bus Terminal.

According to him, “I am delighted to be here for the Commissioning of this ground breaking project. I understand that this will be the largest Deep Sea Port in Sub-Sahara Africa, with all that has been put in place here. It is commendable to note that over 170,000 direct and indirect jobs will be created as a result of this project.

“This is important to us because it is in sync with our economic and recovery plan. Our plan is to create a private sector-driven economy, which is crucial. In this case, the Lagos state government and the Nigerian Ports Authority are the face of government. We will continue to create an enabling environment for such businesses to thrive. I commend the Honourable Minister of Transport, Rotimi Amaechi, for his zeal. He always brings up the matter in the cabinet.  I commend all the stakeholders involved, I know there’ll be challenges but we will continue to support you,” he said.

On her part, Lagos state deputy governor, Dr. Idiat Adebule, who represented the governor of Lagos, Akinwunmi Ambode, said, in order to provide berthing for larger vessels, which is the growing global trend in the containership sector. She said the Lekki Port will be equipped with the best infrastructure and terminalling services to attract and maintain large volume shipping line customers.

On the economic potentials of the project, she said: “An estimated $2.23 billion dollars is expected to be injected into the economy in terms of construction and fixed assets, with the completion of the Lekki Deep Sea Port. This amount is expected to rise to an aggregate of $3.61 billion over a 45-year concession period in the Nigerian economy,” she said.

Adebule added that the container terminal will have a 1,200m long quay, three container berths and a storage yard with over 15,000 ground slots. She added that the terminal is designed to support a throughput of 2.5 million TEUs annually.

She stressed that the President’s visit is an eloquent testimony of his support for economic growth. She said the maritime sector had the potential to turn around the economy and is expected to be delivered in 2020.

“The Lekki Deep Sea Port with all the facilities, will ease the pressure on Apapa and Tin Can ports. This journey started in 2007 and it has been eventful and challenging. It is expected that 170,000 direct and indirect jobs Wii be created as a result of this project,” she added.

The Chief Executive Officer of Lekki Port, LFTZ Enterprise, Mr. Navin Nahata, commended the Lagos state government and the Nigerian Ports Authority, the major stakeholders in the development of the Lekki Port project, for their unwavering support so far on the project.

He noted that the commencement of construction and the quick progress recorded so far could not have been possible without these stakeholders. He also commended the Minister of Transportation, Rt. Hon. Rotimi Amaechi, as well as other regulatory agencies for their commitment to making the port a reality. Furthermore, he expressed gratitude to the host communities for being peaceful and supportive.

Nahata assured all stakeholders especially the shareholders that Lekki Port and its strategic partners will work assiduously to deliver a world-class port that would make Nigeria the transhipment hub for West Africa. In her own reaction, the Lagos state Commissioner for Commerce, Industry and Co-operatives, Mrs. Olayinka Oladunjoye, assured the management of Lekki Port of the unwavering commitment of the governor Akinwumi Ambode-led administration towards the actualisation of the Lekki Port project.

In similar vein, the Managing Director of the Nigerian Ports Authority (NPA), Ms. Hadiza Bala Usman, reaffirmed the support and partnership of the federal government to the project through the Ports Authority. She applauded the company for its excellent stakeholder engagement policy.