TheCable

Babajide Sanwo-Olu, the Lagos state governor, says the Lekki deep seaport will commence commercial operations in 2023.

The governor was speaking on Friday during a working tour of the three free trade zones in the Ibeju Lekki area of Lagos.

A statement by Gboyega Akosile, chief press secretary to the governor, quoted Sanwo-Olu as saying the deep seaport and other investments in the corridor have the potential to increase the state’s GDP in multiple folds.

“Given the report I got and what I have seen here, I can say that Lagos Free Zone has made tremendous improvement. We have seen the level of partnership Tolaram Group is bringing in terms of international investment and local brands on this corridor,” he said.

“I commend all stakeholders that are with us on this journey we have found ourselves. With the level of work we have seen, I’m truly excited. It is more gratifying that, we are taking up this assignment with all energies required and we all can see what we can achieve when we work together.

“Since we signed a loan agreement less than 18 months ago, we have demonstrated strong capability in bringing the project to reality.”

According to the governor, the first phase of the seaport project, which is being financed by $629 million facility from China Development Bank (CDB), is at 48 percent completion.

The port, which is being constructed by China Harbour Engineering Company Ltd (CHEC), occupies 90 hectares out of the entire 830 hectares of land reserved for the Lagos Free Zone (LFZ).

Sanwo-Olu explained that the size of the deep seaport will allow 18,000 TEU capacity vessels, which are four times bigger than the ones berthing at Apapa seaports, thereby reducing the cost of container transportation from any part of the world.

He added that the Lekki deep seaport is expected to generate more than 170,000 direct and indirect job opportunities for Lagos residents.