Lekki Port to deliver $200bn revenue by 2060 — Oyetola

Nigeria could earn as much as $200 billion from the Lekki Deep Sea Port over its 45-year concession period, according to Adegboyega Oyetola, Nigeria’s minister of Marine and Blue Economy.

The port was concessioned through the signing of a Concession Agreement on December 12, 2018, establishing a Public–Private Partnership (PPP) for a 45-year Build, Own, Operate, and Transfer (BOOT) basis, with the Nigerian Ports Authority (NPA) as the grantor.

At a meeting organised by the Nigerian Chamber of Shipping (NCS) and the port in Lagos this week, Oyetola said the facility has already begun easing congestion in Lagos ports, bolstered by investments in access roads which link the port to major highways.

Related: Lekki port took 23 years. Now it’s paying off — LFZ CEO

He said the port has generated thousands of jobs, and sparked investors curiosity. 

The Lekki Deep Seaport, located within the Lagos Free Trade Zone, is valued at $1.5 billion, with an installed capacity of 1.2 million TEUs. It is Nigeria’s most advanced deep seaport and boasts of its ability to accommodate vessels of up to 18,000 TEUs.

According to the blue economy minister, Lekki Port’s success is thanks to its model built on strategic location, public-to-private partnership, integrated transport links, supportive policies, and technology-driven operations. 

“For the first time in decades, a major Nigerian port is not trapped behind logistical bottlenecks. Cargo now moves out faster, investors move in with confidence, and trade flows without unnecessary delay,” he said.

Yet the port currently operates at only 20 percent of its capacity, what Oyetola sees this as an “untapped opportunity for investors, operators, and service providers.”

Read also: Inside Nigeria’s most advanced deep-seaport

The federal government says it is working to apply lessons from Lekki to modernise Apapa Port, upgrade the Eastern Ports in Onne, Calabar and Rivers, and finalise the Port Community System.

Wang Qiang, the managing director of Lekki Port affirmed the numbers stating that the port is expected to contribute $361 billion to the economy within its lifespan, equivalent to about 230 times its construction cost, while generating up to $201 billion in taxes, royalties and duties. 

He added that the facility’s advanced technology, including Post Panamax cranes, one-minute container scanners, and automated gates, is reducing turnaround times and logistics costs.

“Lekki Port is already positioned as a regional trade hub, having commenced transshipment operations in 2023. With this development, Nigeria will regain maritime business lost to West African countries and create the right platform to support the import and export needs of the landlocked countries bordering the country,” he said.

Abubakar Dantsoho, managing director of the Nigerian Ports Authority (NPA), stressed the need for mobilising resources for capital-intensive projects such as the port.