TOP TEN INTRIGUING FACTS ABOUT LEKKI SEAPORT
After the Dangote Refinery, the Lekki Deep Sea Port is arguably the second largest project currently under construction at the Lekki Free Zone. It is part of Nigeria’s effort to capture regional trade in an area with high growth potential but weak infrastructure. Although Dangote Refinery receives more attention than the Lekki Seaport does, the latter still has a number of intriguing facts to pique investors’ interest. Let’s take a look at those facts.
- When completed, the Lekki deep sea port will be able to handle top-rated “ultra large” ships capable of transporting more than 14,500 containers at a time.
- The port will be Nigeria’s first deep sea port and the deepest in Sub-Saharan Africa.
- The Lekki deep sea port would cost $1.5 billion to construct to world-class standards making it the third most expensive project in Ibeju Lekki after the $12 billion Dangote Refinery and the $2 billion Tolaram Logistics firm.
- The seaport, which is being built by China Harbour Engineering Company Ltd (CHEC), will take up 90 hectares of the 830 hectares allotted to the Lagos Free Zone.
- The seaport was first established in 2012 to help Lagos improve its economic role as a manufacturing and logistics center in West Africa.
- Nigeria’s first deep sea port is nearly finished, with commercial operations set to begin in the first quarter of 2023, as of the time of writing this post.
- The deep seaport will be able to accommodate vessels with a capacity of 18,000 TEU (Twenty-foot Equivalent Unit), which is four times larger than those berthing at the current Apapa seaports in Lagos State, lowering the cost of container transportation from anywhere in the world.
- The deep-sea port is projected to create more than 170,000 direct and indirect jobs, as well as $360 billion in revenue over the course of the concession.
- Within four to five years of its completion, the seaport is expected to inject around $25 billion (N10 trillion) into the Ibeju Lekki region, an investment sum nearly equal to Nigeria’s entire budget.
- The seaport is expected to bring in boost Lagos’ status as one of Africa’s largest economies.
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