MAY 4TH 2022
1. We have just concluded a tour of the Lekki Deep Sea Port here at the Lagos Free Zone, located some 65 kilometres east of Lagos. This visit is the second we are making to this area within a month, coming after our trip to the Dangote Dangote Petroleum Refinery and Petrochemicals as well as the Dangote Fertilizer on April 3rd 2022.
2. We are here with over three dozen journalists, not counting the journalists from Transportation Ministry, drawn from the public and private media establishments, as well as from the print, electronic and online media.
3. Gentlemen, as you have seen for yourselves, the Lekki Deep Sea Port, a Build, Own, Operate and Transfer concern, is a massive project, a game changer and a pace setter. It is the deepest sea port 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.
4. It is a consortium that includes China Harbour Engineering Company, Tolaram, Lagos State Government, Nigerian Ports Authority and Lekki Port Investment Holding Inc.
5. 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 dollars on fixed assets and 800 million dollars on construction. But the aggregate impact has been put at 361 billion dollars 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 dollars to state and federal governments through taxes, royalties and duties. The direct and induced business revenue impact is estimated at 158 billion dollars, in addition to a qualitative impact on manufacturing, trade and commercial services sector
6. Beyond that, when it begins operation in the last quarter of this year, it will make it possible for Nigeria to regain the maritime business that was lost to ports in Togo, Cote d’Ivoire and Ghana. It is also a big boost to Nigeria in its quest to take advantage of the implementation of the African Continental Free Trade Agreement (AfCFTA).
7. A major advantage we have to leverage is transshipment. With this port, Nigeria will become a transshipment hub and the revenue we are currently losing to our neighboring countries will come here. That’s big
8. As you know, this project is being done in phases. Phase 1 has reached 89 percent and will be completed in Sept this year.
9. The facilities here are first class. We have 7 ship to shore cranes and 21 RTG cranes. No port in Nigeria currency has this. The excellent equipment is why this port can do 18,000 teu, which is more than four times the number that can currently be handled by our other ports.
10. Also, the project is self sufficient in required electricity. It is now read to generate up to 10 Mega Watts and tie total capacity is 16 mega watts
11. Overall, this is another example of the first class infrastructure being developed across the country by this administration. Whether it is roads, rail, airport terminals, gas pipelines, housing, ports, just name it. And at this stahe, I want to appeal to our colleagues in the media to play up these developmental efforts instead of concentrating energy on negativity. That’s why we embark on these tours with a large retinue of journalists. Let the world know that Nigeria is not all about kidnapping, terrorism and banditry. It is also about massive developments that are unprecedented.