The Blue and Marine Economy Minister, Mr. Adegboyega Oyetola, announced that Lekki Port is expected to contribute $200 billion to government revenue over its 45-year concession period.
Speaking at a breakfast meeting in Lagos on Wednesday, organized by the Nigerian Chamber of Shipping in collaboration with Lekki Port, Oyetola highlighted the port’s role in reducing congestion across Lagos and other Nigerian ports, enhancing the country’s position as a competitive logistics hub.
Oyetola emphasized that the port’s world-class infrastructure presents significant opportunities for investors, operators, and service providers.
“Lekki is already easing congestion in Lagos and other ports, while enhancing Nigeria’s competitiveness as a logistics hub. It is projected to contribute over $200bn to government revenue over its concession period, with a reach extending beyond our borders to serve neighboring states. Yet it currently operates at only 20 per cent of its capacity, signaling vast untapped opportunities,” he stated.
During a panel discussion titled “Unlocking Opportunities: The Lekki Deep Sea Port Playbook for Transforming Trade and Shipping in Nigeria,” Wang Qiang, Managing Director of Lekki Port, described the port as a transformative project driven by ambitious policies, cutting-edge infrastructure, and strategic partnerships.
He noted, “Post Panamax Ship-to-Shore Cranes that can unload ships twice as fast, thus reducing waiting times, lowering logistics costs, and boosting trade efficiency.”Qiang added that the port is expected to generate an economic impact of $361 billion over 45 years, a 230-fold return on construction costs, while contributing $201 billion in taxes, royalties, and duties to state and federal agencies.
Since starting transshipment operations in 2023, Lekki Port has positioned itself as a regional trade hub, recapturing maritime business lost to other West African countries and supporting the import-export needs of neighboring landlocked nations.
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