Nigeria To Wrest Lost Cargoes From Neighbors

Nigeria’s Minister of Information, Alhaji Lai Mohammed, states that once the Lekki Deep Sea Port is completed, Nigeria will regain the maritime business lost to ports in Togo, Cote d’Ivoire, and Ghana.

According to the Minister, it would also be a tremendous help to Nigeria in its efforts to take benefit of the African Continental Free Trade Agreement’s implementation (AfCFTA)

During a visit to the Lekki Deep Sea Port, the minister also predicted that when the port opens in the fourth quarter of 2022, it will earn over $201 billion in taxes, royalties, and charges for the Nigerian government.

He asserted that the port’s total effect, estimated at $361 billion over 45 years, would be more than 200 times the cost of construction.

The Minister of Information and Culture, Alhaji Lai Mohammed, told the media following an on-the-spot evaluation of the Lekki Deep Seaport that the port will be the deepest in West and Central Africa, and that it will accommodate boats five times larger than those currently call at Lagos seaport.

According to him, the economics of scales would make goods arriving in the nation cheaper, allowing Nigeria to regain lost cargoes from neighboring ports.

“We will have West Africa’s deepest seaport. That means ships five or six times larger than we can handle today will arrive, and when we consider the economies of scale, it will be cheaper to move commodities via this port.”

“It will also generate 169,972 employment and $201 billion in income for state and federal governments through taxes, royalties, and levies.” “The direct and induced business revenue effect, as well as a qualitative impact on manufacturing, trade, and commercial services, is projected to be $158 billion,” he added.

Mohammed further stated that the harbor will open in the fourth quarter of 2022 and that the promoters will finish the second and third phases of construction.

“As you may be aware, this project is being completed in stages. Phase 1 is 89 percent complete and will be finished in September of this year. The accommodations are excellent. We have seven Ship to Shore cranes and twenty-one Rubber Tyre Gantry cranes. This is not available at any Nigerian port.”

“Because of the great equipment, this port can handle 18,000 teu, which is more than four times the capacity of our other ports.” In addition, the project is power self-sufficient. It can currently generate up to 10 megawatts of power, for a total capacity of 16 megawatts”.

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