Lekki port to contribute $361bn to economy in 45 years

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Lagos, Jan. 24, 2023 – The Lekki Deep Sea Port will contribute over $361 billion to the Nigerian economy within the next 45 years.

The port was inaugurated by President Muhammadu Buhari on Monday as part of his activities during his two-day official tour of Lagos State.

It is the first deep sea port in Nigeria and will have a concession term of 45 years.

The Infrastructure Concession Regulatory Commission (ICRC) gave the revenue profile of the port in a statement after its inauguration.

It described the project as a major success story in public-private partnership in infrastructure development in Nigeria.

The ICRC put the value of the project at $1.5 billion in assets and $800 million on construction of all its phases.

Mr Du Ruogang, its Managing Director, said the port would boost Nigeria’s Gross Domestic Promote (GDP) and facilitate trade volume.

He said the port would also improve Nigeria’s external trade competitiveness through improved port efficiency, cost-effective port operations and services as well as improved turnaround time for cargo handling and clearance.

The Federal Government owns five percent stake in the port, Lagos State owns 20 percent, while Lekki Port Investment Holding Inc owns 75 percent. (GBN)

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