The federal government is projected to generate $200 billion in revenue from the Lekki Port over its 45-year concession period.
Minister of Blue and Marine Economy, Adegboyega Oyetola, stated this in Lagos during a breakfast meeting organised by the Nigerian Chamber of Shipping in collaboration with Lekki Port, with the theme “Unlocking opportunities: The Lekki DeepSea Port Playbook for Transforming Trade and Shipping in Nigeria.”
According to him, since the port commenced commercial operations, the challenge associated with port congestion has been easing both in Lagos and other ports, while simultaneously enhancing Nigeria’s competitiveness as a logistics hub.
Oyetola pointed out that the level of world-class infrastructure at the port signals vast untapped opportunities for investors, operators, and service providers.
According to him, the Federal Government has been playing a pivotal role in ensuring that the port does not suffer logistic bottlenecks through the completion of critical access roads linking it directly to major highways.
He further stated that with the road infrastructure provided by the Federal Government in collaboration with the Lagos State Government and private sector partners, cargo now moves out faster, investors’ confidence is restored, and trade flows without unnecessary delay.
“Lekki is already easing congestion in Lagos and other ports, while enhancing Nigeria’s competitiveness as a logistics hub. It is projected to contribute over $200bn to government revenue over its concession period, with a reach extending beyond our borders to serve neighbouring states. Yet it currently operates at only 20 per cent of its capacity, signalling vast untapped opportunities for investors, operators, and service providers,” Oyetola said.
He noted that the success of the port offers a replicable model for trade and shipping growth in Nigeria.
The minister added that the port was built on five pillars, which include strategic location with regional market access; strong public–private partnership framework; integrated transport links by road, rail, and inland waterways; supportive policies and investment incentives; and technology-driven operations that deliver speed, transparency, and efficiency.
Oyetola commended the Nigerian Chamber of Shipping for its tireless work in advancing the maritime industry, the minister explained that the Federal Government remains committed to taking the lessons of Lekki Port and applying them nationwide to transform the entire port system into a network of modern, efficient, and competitive gateways.
According to him, the government is already modernising the Western Port in Apapa, upgrading the Eastern Ports in Onne, Calabar, and Rivers to stimulate balanced regional growth, and finalising the Port Community System.
Managing Director of Lekki Port, Wang Qiang, described the Lekki Deep Seaport project as a clear example of how bold policy, modern infrastructure, and effective partnerships could transform trade, catalyse industry, and advance the blue economy agenda in Nigeria.
“The port is estimated to impact the economy to the tune of $361bn within 45 years, which is a multiplier effect of about 230 times the cost of construction. It is also expected to generate revenue of up to $201bn to the state and federal agencies in taxes, royalties, and duties.
“Besides, 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 added.
