New report highlights how much Lekki port will generate in the first 45 years
The Nigeria Infrastructure Concession Regulatory Commission (ICRC) recently declared the inauguration of Lekki Port as a triumph for Public-Private Partnerships in Nigeria’s infrastructure development. The ICRC made this announcement following President Muhammadu Buhari’s unveiling of the latest seaport in Nigeria.
Cost & Projected Economic Impact: The cost of the project was $2.3 billion, including $1.5 billion for assets and $800 million for construction across all phases. The ICRC predicts a significant economic impact of over $361 billion in the next 45 years, with a projected revenue of $201 billion from duties, royalties, and taxes, and a direct and indirect business impact of $158 billion.
Jobs: The project is expected to generate over 169,000 direct and indirect jobs.
Economic Benefits: According to the Managing Director of Lekki Port LFTZ Enterprise Ltd. (LPLEL), Mr. Du Ruogang, the port will not only enhance Nigeria’s Gross Domestic Product but also increase the country’s trade volume. Other benefits include improved port efficiency, cost-effective port operations and services, and quicker cargo handling and clearance. This will lead to improved competitiveness in external trade.