L-R: President Muhammadu Buhari with Governors Babajide Sanwo-Olu and Dapo Abiodun of Lagos and Ogun States at the Projects Commissioning in Lagos

Economy: Why $1.5bn Lekki Deep Sea Port is a game-changing infrastructure project –Buhari

*Governor Babajide Sanwo-Olu of Lagos State assures Lagosians of hundreds of thousands of jobs as President Muhammadu Buhari commissions the $1.5billion fully completed Lekki Deep Sea Port to commence commercial operations in the ‘Centre of Excellence’

Gbenga Kayode | ConsumerConnect

The Lekki Deep Sea Port project is in line with Nigeria’s Economic Recovery Growth Plan (ERGP) emphasis on supporting game-changing infrastructure projects, directed at making an impact on trade and commerce in the West African country.

ConsumerConnect reports President Muhammadu Buhari stated this while commissioning the $1.5bn landmark Lekki Deep Sea Port project Monday, January 23, 2023, in Lagos.

Newly-commissioned Lekki Deep Sea Port Complex, in Lagos

Earlier, the Nigerian President had arrived at the Murtala Muhammed International Airport (MMIA), in Ikeja area of the cosmopolitan state.

He later got to the facility at exactly 4.27 p.m. in the company with Lagos Governor Babajide Sanwo-Olu, and several other dignitaries.

Jubril Gawat, Senior Special Assistant (SSA) to Lagos State Governor on New Media, Monday as well confirmed the development via his verified social media page, that the “President of the Federal Republic of Nigeria, President Muhammadu, arrives Lagos State to commission Legacy Projects; The 32Metric Tonnes Per Hour Lagos Rice Mill, Imota and The Lekki Deep Sea Port.

“Mr. President will be hosted to State Banquet after the commissioning later.”

Going down the memory lane, Dr. Lola Akande, Lagos State Honourable Commissioner for Commerce, Industry and Cooperative, disclosed the deep seas project was initiated by Asiwaju Bola Tinubu, erstwhile Governor of the state and Presidential Candidate of the All Progressives Congress, in a move to boost the economy of the state in particular and Nigeria in general.

Project aligns with government’s Economic Recovery Growth Plan says President

Buhari, on the occasion, said the project is in consonance with his Economic Recovery Growth Plan (ERGP) of the Federal Government.

According to him, the ERGP emphasises the support of game-changing infrastructure projects, directed at making an impact on trade and commerce in the country.

Governor Babajide Sanwo-Olu of Lagos State, speaking after the commissioning of the Lekki Deep Sea Port Monday, assured Lagosians of hundreds of thousands of jobs as President Muhammadu Buhari commissioned the Port to commence commercial operations.

Features and benefits of Lekki Deep Sea Port, by Lagos Government

The Lagos State Government disclosed the port facility is adjudged the most modern and deepest seaport across West Africa.

The Lagos State Government (LASG) noted the project also offers critical support to burgeoning commercial operations in the state, Nigeria and the entire West African region.

It is located approximately 65km to the East of Lagos city and spreading over 90 hectares of land bordered on the South by the Atlantic Ocean.

The project is the biggest port in Nigeria, and one of the biggest in sub-Saharan Africa.

In term of the ownership, the government Saud the port is “a joint venture enterprise owned by a group of investors led by the Lekki Port Investment Holdings Inc., the Lagos State Government and the Federal Government.”

As regards the features of the newly-commissioned facility is a depth of 19 meters and equipped with best-in-class facilities that provide large volume shipping operations and terminalling services, it is the deepest seaport in West Africa.

It also has a marine infrastructure comprising a 9-km-long navigation channel, a 600-m wide turning basin, breakwaters, quays, and berthing facilities.

The container terminal further consists of 3 berths, a 1,200m long quay, and a storage yard with over 15,000 ground slots… together supporting a throughput of 2.7 million TEUs annually, i.e., 2.7 million 20-foot containers.

It also has A 1-Berth Dry Bulk and General Cargo Terminal with a capacity of up to 4 million metric tonnes of dry bulk per year.

A Liquid Bulk Terminal with three berths and a combined capacity to service vessels of up to 160,000 DWT.

The Lekki Deep Sea Port is equipped with tank farm storage, loading arms, and connected by pipelines running along the breakwater to carry finished products cargo like petrol and diesel between the tank farm and the vessels, said Gawat.

The Port will provide 24/7 operations throughout the year, using latest technology to facilitate smooth and efficient import and export of goods, ensuring smooth flow of cargo, and enabling opportunities to new businesses.

Employment opportunities, revenue and employee salaries

ConsumerConnect reports the Lekki Deep Sea Port is also planned to generate approximately $20billion in employee salaries, estimated $201billion Revenue for Lagos State and Federal Government agencies from taxes, royalties, and duties.

It is has estimated business revenue impact of US$ 158billion across the value chain, the government said.

The Lagos State Government added that “over 300,000 jobs would be created from port operations alone. And a lot more indirect jobs across the value chain.”

Lekki Deep Sea Port LFTZ Enterprise’s appreciation

Meanwhile, the Lekki Deep Sea Port LFTZ Enterprise Limited has lauded all the stakeholders in the efforts leading to the President Buhari’s activation of the project Monday, in Lagos.

The company, in a blog post after the event, said “a big thank you to all dignitaries and distinguished guests, who attended the historical moment of the official commissioning of the Lekki Port in Lagos Free Zone.

“We express our heartfelt gratitude to the President of Nigeria, President Muhammadu Buhari and the Governor of Lagos State, Mr. Babajide Sanwo-Olu, for taking the time to grace our ceremony and for their commendable words.”

The LFTZ Enterprise stated: “We look forward to the commencement of operations at the Port.”

Kindly Share This Story