Lekki deepsea port to lift Nigeria’s economy with $361 billion
By Sulaimon Salau
The Lekki deepsea port project is positioned to boost Nigeria’s economy with about $361 billion in the next 45 years.
The project, which is expected to buoy Nigeria’s merchandise trade is about 50 per cent completed, with expectations to commence commercial operations in fourth quarter 2022.
Managing Director, Lekki Port LFTZ Enterprise Limited, Mr. Du Ruogang, who disclosed this during a media tour of the project, located in Lekki area of Lagos, said the company is targeting an earlier date for commencement of operations at the port.
Already, the breakwater is 63.27 per cent completed, while dredging is 55.75 per cent; quay wall is 43.14 per cent and landslide infrastructure is 27.83 per cent completed. Construction works on speedily executed on site with 83 per cent of the labour being local employees.
Ruogang said the project would offer a multiplier effect of more than 230 times of total cost of $1.57 billion when completed.
According to him, the port operation would create about 169,972 jobs, while revenue to state and federal agencies from taxes, royalties and duties would amount to about $201 billion.
Ruogang said the construction of the Lekki Deep Seaport has reached 50 per cent with the completion of the 1,909m long core of the main breakwater, while work on the quay wall and landside infrastructure has reached advanced stages.
“As at today, I am glad to inform you that the project is at almost 50 per cent completion. You will see an overview of the construction progress shortly, but I am pleased to say that the construction has been going smoothly and we are on course with our timelines and in fact we are targeting an earlier date for commencement of operations,” he said.
He announced that the company was able to satisfy all the conditions precedent for the disbursement of the loan facility from China Development Bank.
According to him, the company has equally secured the partnership of Lekki Port Free Terminal (CMA CGM) a French company with vast experience worldwide, to run the container terminal when it is operational.
The port with 2.7 million TEUs projected capacity per annum, will have 600 meters turning circle and 16.5 meters draught.
It will have three container berths, dry bulk berth, and three liquid berths, marine facility berthing facilities.
