FG to earn $200bn revenue from Lekki Port – Oyetola

The Minister of Blue and Marine Economy, Mr Adegboyega Oyetola, has announced that the Lekki Port is projected to generate $200bn in revenue for the government over its 45-year concession period. In a statement on Wednesday, Oyetola made this declaration in Lagos during a breakfast meeting organised by the Nigerian Chamber of Shipping in collaboration with Lekki Port.

He explained that 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.

He stated that the level of world-class infrastructure at the port signals vast untapped opportunities for investors, operators, and service providers.

The Osun State former governor stressed that 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.

According to him, 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 neighboring states. Yet it currently operates at only 20 per cent of its capacity, signaling 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. Oyetola 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.

While commending 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.

Speaking on the theme “Unlocking opportunities: The Lekki DeepSea Port Playbook for Transforming Trade and Shipping in Nigeria,” the Managing Director, 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.

Qiang explained that the success of the Lekki Deep Seaport public–private partnership playbook has demonstrated how the adoption of the model can optimise Nigeria’s maritime potential.

He disclosed that the port boasts of modern, state-of-the-art infrastructure and advanced technology, among which include “Post Panamax Ship-to-Shore Cranes that can unload ships twice as fast, thus reducing waiting times, lowering logistics costs, and boosting trade efficiency.”

“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.

Also speaking, the Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, emphasised the significance of mobilising much-needed resources to undertake such a capital-intensive project like the Lekki Deep Sea Port.

In his welcome address, the President, Nigerian Chamber of Shipping, Aminu Umar, stressed that the establishment of the Federal Ministry of Marine and Blue Economy by the current administration remains a visionary decision that is meant to consolidate the immense potential of import-export trade in Nigeria, “given that shipping and maritime logistics are not only enablers of commerce, but central to national prosperity.”

Umar stated that the chamber is delighted to partner with Lekki Port, considering how the port has demonstrated its potential as a regional hub, supporting international trade volumes and contributing to economic growth.