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Buhari Visits Lagos, Flags off $1.5b Deep Seaport Today



President Muhammadu Buhari is set to flag off the construction of the $1.5 billion Lekki Deep Seaport, the first in the country.

The Guardian reports that when completed, the port will have three container berths, one dry bulk berth, three liquid berths, 16.5-meter draught, 600-meter turning cycle and a 2.7 million Twenty Foot Equivalent Unit (TEUs) per year.

 The seaport situated at the heart of the Lagos Free Trade Zone, will be one of the most modern ports in West Africa, offering enormous support to the burgeoning commercial operations across Nigeria and the entire West Africa.

Built on more than 90 hectares of land, the Lekki port is situated 65 kilometers east of Lagos city and its is billed to be completed in 2020.

According to Lekki Port LFTZ Enterprise, “the development of Lekki Deep Sea Port has been conceptualised on the basis of a significant gap in projected demand and capacity.

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Market studies indicate that the demand for containers is expected to grow at a CAGR of 12.9 per cent up to 2025. However, given the expansion constraints on the existing infrastructure, the capacity in Lagos is incapable to meet the growing demand.

“The capacity shortfall for container terminal facilities in Lagos was projected to be 0.8 million TEUs in 2016 going up to 5.5 million TEUs in 2025.

The strategic location, flexible and optimised layout and modern facilities provide Lekki port a distinct competitive edge over any other port facility in West Africa.”

The Chief Executive Officer of the enterprise, Navin Nahata, commended Lagos State Government and the Nigerian Ports Authority (NPA), the major stakeholders in the project, for their unwavering support.

Nahata noted that the commencement of construction and the quick progress recorded so far could not have been possible without the stakeholders. He also commended the Minister of Transportation, Rotimi Amaechi, as well as other regulatory agencies for their commitment to making the port a reality. He praised the host communities for being peaceful and supportive.

Lagos State Commissioner for Commerce, Industry and Co-operatives, Mrs. Olayinka Oladunjoye, assured the management of Lekki Port of the unwavering commitment of the Governor Akinwumi Ambode-led administration towards the actualisation of the project.

Naija News gathered that the Managing Director of the NPA, Hadiza Bala Usman, reaffirmed the support and partnership of the Federal Government to the project through the Ports Authority.