Nigeria’s economic growth is expected to rise tremendously as its new Lekki Deep Sea Port will become West Africa’s deepest sea port. The completion of this project will bring the African spotlight to Nigeria, making Lekki, a renowned location in Lagos, Nigeria, a “grand central hub.”
The information about the Lekki deep sea port was made known by the Information Minister, Alhaji Lai Mohammed, who revealed that on its completion, the project is expected to foster economic growth, especially as it will boost maritime activities, bringing businesses from several West African countries to the seaport. This, of course, means that the project would be beneficial for Nigeria as well as Lagos state, a state which is already known and beloved as a business hotspot in Africa.
While on an official visit to the site of the said project, the information minister revealed that the Lekki deep seaport will be beneficial not just to Nigeria but to other West African nations as well. He claimed that the project in fact implements “the Africa Continental Free Trade Agreement (AfCFTA).” A “Game Changer”, as he called it; this seaport is expected to positively drive Nigerian growth to a higher level, especially in terms of infrastructural development.
With the availability of 21 RTG cranes and seven ship-to-shore cranes, the seaport, which is expected to open by the end of 2022, is expected to bring in a significant amount of revenue to Nigeria, including tariffs, taxes, and royalties.
According to estimates, the Deep Sea Port, which is currently at 89 percent completion, will generate $361 billion in revenue over the next 45 years. The cost of obtaining the derivation will be 200 times greater than the cost of obtaining it.
The minister for information also noted the expected investment opportunities, including the amount associated with the project. “The investment is huge – $1.53 billion on fixed assets and 800 million dollars on construction,” he said. Beyond its investment monetary values, the provision of employment always rings positively in the reason for its creation, as it is expected to create at least 169,972 jobs and “bring revenues totaling $201 billion to state and federal governments through taxes, royalties, and duties.”
One of the numerous predicted benefits after the completion is that Nigeria will become a transshipment hub in West Africa, generating significant cash.
In line with the minister’s remarks, Du Ruogang, the Managing Director of the Lekki Deep Sea Port, indicated that Nigeria and the entire West African region would undergo an economic recovery. Interestingly, the port is conveniently placed near the Dangote fertilizer facility, as well as the Dangote Petroleum Refinery and Petrochemicals.