FG To Earn $561bn From Lekki Port

The Federal Government is expected to realise $560 billion from the development of the Lekki Deep Seaport project.

President Muhammadu Buhari, who made this disclosure in Lagos yesterday at the official flag off of the construction of the Lekki Deep Seaport, said the Federal Government also expected to generate $361bn during concession.

President Buhari who was represented by the Vice President, Yemi Osinbajo, disclosed that the Federal Government would also generate $200bn from tax and revenue.
Buhari who was elated by the work done so far, revealed that on completion the project would create over 170,000 direct and indirect jobs.

According to him, the project targets about 1.5m Twenty Foot Equivalent Units (TEUs) container capacity annually which is expected to grow to 2. 7 ýmillion and 4.7ý million ýTEUs when operation commences fully.
He stated that the port, when operational, was expected to receive larger vessels such as panamax and post panamax.

He, however, noted that the Federal Government had in the past two budgets provided an aggregate of N90bn for the development of special economic zones, stressing that the deep seaport project was in line with the objectives of creating such economic zones.
Lagos State Governor, Akinwunmi Ambode, called for public investment that will aid the viability of the Lekki port project.

Gov. Ambode who was represented by his Deputy, Idiat Oluranti Adebule, stated that, “This port which is expected to be delivered by 2020 will be one of the biggest in the West African sub region.