FG, Lagos target N83tr revenue from Lekki Deep Seaport

The Lekki Deep Seaport in Lagos is capable of generating $201 billion (about N83.5 trillion) through royalties and taxes to the federal government and the Lagos state government, said Minister of Information and Culture, Lai Mohammed.

The Minister who stated this during a tour of the site ahead of the commissioning by year end, described it as “The game changer”.

He said the investment is huge at $1.53bn on fixed assets and $800 million on construction, adding that the aggregate impact has been put at $361bn dollars in 45 years, which will be over 200 times the cost of building it.

“In addition, it will create 169,972 jobs and bring revenues totalling $201bn to the state and the federal government through taxes, royalties and duties.

“The direct and induced business revenue impact is estimated at $158bn, in addition to a qualitative impact on the manufacturing, trade and commercial services sector,” said Mohammed.

“Beyond that, when it begins operation in the last quarter of this year, it will make it possible for Nigeria to regain the maritime business that was lost to ports in Togo, Cote d’Ivoire and Ghana. It is also a big boost to Nigeria in its quest to take advantage of the implementation of the African Continental

Free Trade Agreement (AfCFTA),” he added.

The minister said phase I of the project has reached 89 per cent and will be completed in September.

The Executive Secretary of the Nigerian Shippers’ Council (NSC), Emmanuel Jime, was worried that similar gridlock like that of Apapa Port will not occur at the port.

“I am worried about how cargoes will be evacuated when the seaport eventually comes mainstream,” said Jime.

The Managing Director of the Nigerian Ports Authority (NPA), Mohammed BelloKoko, assured stakeholders of the government’s preparedness to carry out its responsibilities when operations at the port commence.