Business Correspondent
The Federal Government of Nigeria is poised to generate over $200 billion in revenue from the Lekki Deep Sea Port over the next four decades, according to Minister of Marine and Blue Economy, Adegboyega Oyetola.
Speaking during an official inspection of the port facility in Lagos, Oyetola emphasized the strategic significance of the port to Nigeria’s maritime economy and national revenue base. He described the port as a major driver of economic growth, job creation, and foreign investment inflow.
“The Lekki Deep Sea Port is a game changer. It is projected to generate over $200 billion in revenue for the government within the concession period of 45 years,” said Oyetola. “This aligns with our broader agenda to harness the immense potential of the blue economy for national development.”
Constructed under a public-private partnership (PPP) model, the port is Nigeria’s deepest and most modern seaport, capable of handling 2.7 million twenty-foot equivalent units (TEUs) annually. It is expected to ease pressure on Apapa and Tin Can ports, reduce turnaround times, and improve Nigeria’s trade competitiveness.
Oyetola added that the Ministry of Marine and Blue Economy is working closely with stakeholders to ensure maximum utilization of the port’s capacity, noting that efforts are underway to improve connectivity and logistics around the Lekki port corridor.
With the increasing volume of cargo being processed since its commissioning, stakeholders and economic experts have expressed optimism that the Lekki Port could significantly improve Nigeria’s trade balance and create thousands of direct and indirect jobs.
The $1.5 billion port project is a joint venture between the Federal Government through the Nigerian Ports Authority (NPA), the Lagos State Government, and private investors including China Harbour Engineering Company and Tolaram Group.
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