TheCable

Lai Mohammed, minister of information, says the federal and Lagos governments will generate $201 billion from the Lekki deep seaport when completed. 

The minister said this on Wednesday during a tour of the three free trade zone facilities in the Ibeju Lekki area of Lagos.

Mohammed described the Lekki deep seaport as a massive project, a game-changer, and a pacesetter.

“It is the deepest seaport in Nigeria and West Africa, and that in itself is a unique advantage. It covers a land area of 90 hectares and it has a concession period of 45 years,” he said.

“It is a consortium that includes China Harbour Engineering Company, Tolaram, Lagos state government, Nigerian Ports Authority (NPA), and Lekki Port Investment Holding Inc.”

The minister expressed optimism that the project would significantly impact on the unemployment status of the country.

“I called it a game-changer because of the impact it will have on the nation’s economy and the jobs it will create, among others. The investment is huge: $1.53 billion on fixed assets and $800 million on construction,” he said

“But the aggregate impact has been put at $361 billion 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 $201 billion to the state and FG through taxes, royalties, and duties.

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

The minister also noted that, beyond the revenue and jobs creation, when the is project completed and operations kickstart, it will make it possible for Nigeria to regain the maritime business that was lost to ports in Togo, Cote d’Ivoire, and Ghana.

Earlier in March, Babajide Sanwo-Olu, Lagos state governor, had notified Nigerians that the Lekki deep seaport will commence commercial operations in 2023.

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