The Federal Government is projecting revenue earning of $201 billion when the development of the Lekki Deep Seaport is completed.
The revenue, which will accrue to states and the federal government, will be from taxes, royalties and duties.
Minister of Information and Culture, Alhaji Lai Mohammed, disclosed this while addressing journalists after an on-the-spot inspection of the project in Lagos, said that the project, will create 169,972 jobs.
He also said that it will place Nigeria in a position to recover lost cargoes from Togo, Ghana and Côte d’Ivoire, and that aggregate impact of the project has been put at $361 billion in 45 years.
“You have seen for yourselves, the Lekki Deep Sea Port, a Build, Own, Operate and Transfer concern, is a massive project, a game changer and a pace setter. It is the deepest sea port in Nigeria and West Africa, and that in itself is a unique advantage. It covers a land area of 90 hectares and it has a concession period of 45 years,” he explained.
He added that it is a consortium that includes China Harbour Engineering Company, Tolaram, Lagos State government, Nigerian Ports Authority and Lekki Port Investment Holding Inc.
“I call it a game changer because of the impact it would have on the nation’s economy and the jobs it will create, among others. The investment is huge: $1.53 billion on fixed assets and 800 million on construction. But the aggregate impact has been put at $361 billion in 45 years, which would be over 200 times the cost of building it.
“In addition, it will create 169,972 jobs and bring revenues totalling $201 billion to state and Federal Governments through taxes, royalties and duties. The direct and induced business revenue impact is estimated at $158 billion, in addition to a qualitative impact on manufacturing, trade and commercial services sector
“Beyond that, when it begins operation in the last quarter of this year, it will make it possible for Nigeria to regain the maritime business that was lost to ports in Togo, Cote d’Ivoire and Ghana. It is also a big boost to Nigeria in its quest to take advantage of the implementation of the African Continental Free Trade Agreement (AfCFTA),” the minister added.
Mohammed explained that Phase 1 of the project has reached 89 per cent and will be completed in September this year.
