The Federal Government expects to generate over $200 billion in revenue from the Lekki Deep Sea Port during its 45-year concession period, according to the Minister of Marine and Blue Economy, Adegboyega Oyetola.
Speaking at a breakfast meeting hosted by the Nigerian Chamber of Shipping in partnership with Lekki Port on Wednesday in Lagos, Oyetola noted that since commercial operations began, the facility has helped reduce port congestion in Lagos and across Nigeria, while boosting the country’s competitiveness as a regional logistics hub.
He stressed that the port’s world-class infrastructure presents significant opportunities for investors, operators, and service providers.
The minister added that with improved access roads—built in collaboration between the Federal Government, Lagos State, and private partners—cargo evacuation has become faster, restoring investor confidence and easing trade flows.
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“Lekki Port is projected to contribute over $200bn to government revenue during its concession, with influence extending to neighboring countries. Yet, it currently operates at just 20% of capacity, signaling huge untapped potential,” Oyetola said
He explained that the project rests on five pillars:
- Strategic location with regional market access
- Strong public–private partnership model
- Integrated transport infrastructure (road, rail, waterways)
- Supportive government policies and incentives
- Technology-driven operations for transparency and efficiency
Oyetola emphasized that the government plans to replicate the Lekki model nationwide, modernising Apapa Port in Lagos, upgrading the Eastern Ports in Onne, Calabar, and Rivers, and finalising the Port Community System.
The Managing Director of Lekki Port, Wang Qiang, described the port as proof that bold policy, modern infrastructure, and effective partnerships can transform trade and catalyse Nigeria’s blue economy.
He noted that the port’s operations are expected to impact the economy by $361bn over 45 years, with about $201bn accruing to federal and state governments through taxes, duties, and royalties.
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Qiang also highlighted the port’s advanced facilities, including Post Panamax Ship-to-Shore Cranes, which can unload ships twice as fast, cutting waiting times, reducing logistics costs, and enhancing trade efficiency.
The Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, commended the project’s ability to mobilise large-scale investment for capital-intensive infrastructure.
Meanwhile, Aminu Umar, President of the Nigerian Chamber of Shipping, praised the port’s role in positioning Nigeria as a regional trade hub, supporting import-export volumes, and advancing national economic growth.
Image Credit: Punch Newspaper
