Lekki Port Projected to Generate $200bn for Government – Oyetola

The Federal Government expects revenue of about $200 billion from the Lekki Deep Sea Port over its 45-year concession period, according to the Minister of Marine and Blue Economy, Adegboyega Oyetola.

Speaking at a breakfast meeting organised by the Nigerian Chamber of Shipping in partnership with Lekki Port in Lagos, Oyetola said the facility is already easing congestion at Lagos ports and boosting Nigeria’s standing as a logistics hub for West Africa.

He explained that the modern infrastructure at Lekki Port has opened up significant opportunities for trade, investment, and shipping services. He added that the government, working with Lagos State and private partners, has invested in major access roads to ensure efficient cargo movement and restore investor confidence.

“Lekki Port has already begun to decongest Lagos and strengthen Nigeria’s competitiveness as a logistics hub. With operations still at only 20 percent of capacity, it has the potential to contribute more than $200bn to government coffers while serving regional markets,” Oyetola said.

He highlighted the port’s foundation on five key pillars: strategic location, strong public–private partnerships, integrated transport links via road, rail and waterways, enabling policies, and advanced technology that guarantees speed and efficiency.

Wang Qiang, Managing Director of Lekki Port, described the project as proof of how bold policy choices and effective partnerships can transform trade. He noted that the port could generate an estimated $361bn in economic impact over its concession period—around 230 times its construction cost—and up to $201bn in taxes, royalties, and duties for state and federal authorities.

According to Qiang, Lekki Port has already positioned itself as a regional hub since starting transshipment operations in 2023. This, he said, will enable Nigeria to recover maritime business previously lost to neighboring West African ports and provide services to landlocked countries.

Also speaking, the Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, underscored the importance of mobilising large-scale financing for such capital-intensive projects. Meanwhile, the President of the Nigerian Chamber of Shipping, Aminu Umar, praised the establishment of the Ministry of Marine and Blue Economy, describing it as a forward-looking initiative to consolidate Nigeria’s shipping and logistics potential.

Umar noted that the success of Lekki Port has already demonstrated Nigeria’s ability to become a central hub for trade and maritime commerce in Africa.