Home Business Lekki Port to contribute $361bn economic impact in 45 years – ICRC

Lekki Port to contribute $361bn economic impact in 45 years – ICRC

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ICRC added it is expected to contribute 169,000 direct and indirect jobs.

by Jane osamor

Nigeria’s Infrastructure Concession Regulatory Commission (ICRC) stated that the newly inaugurated Lekki Port is a Major success story for Public-Private Partnerships in Infrastructure Development in Nigeria and is expected to contribute over $361 billion in economic impact expected in 45 years.

The ICRC disclosed this in a statement on Monday evening after President Muhammadu Buhari’s inauguration of the latest seaport in Nigeria.

They added the economic impact would be Revenue from duties, royalties, and taxes at $201 billion and also a Direct/Indirect business impact of $158 billion.

Features: ICRC said it expects over $361bn economic impact expected in 45 years. They said other features include:

  • “ Land Area – 90 Hectares, Concession Term- 45 years, First Deep Sea Port in Nigeria and  Deepest Port in West Africa.
  • “A multipurpose Port which has 3 Container berths, 3 Liquid and 1 Dry Bulk Berth
  • “Concession Model: Build, Own, Operate and Transfer (BOOT)”.

Economic Impact & Project Cost:  They added the project had a cost of $1.5 billion in assets and $800m on construction in all Phases.

  • “ Economic impact: $361 billion (Revenue from duties, royalties, taxes $201bn, Direct/Indirect business impact: $158bn).
  • “Jobs: Over 169,000 Direct/Indirect.

Shareholding: The Nigerian Government owns 5%, The Lagos Government at 20% and the Lekki Port Investment Holding Inc owns 75%  through the Special Purpose Vehicle (SPV- Lekki Port LFTZ Enterprise Limited).

Trade Growth: The Managing Director of Lekki Port LFTZ Enterprise Ltd. (LPLEL), Mr Du Ruogang added the port will boost Nigeria’s Gross Domestic Promote (GDP) and facilitate trade volume.

He added other benefits including; improvement of external trade competitiveness through improved port efficiency, cost-effective port operations and services, and improved turnaround time for cargo handling and clearance.

  • “With Lekki Port, Nigeria will witness a growth in maritime traffic and global trade and strengthen connectivity and capability to provide efficient and reliable services.
  • “Lekki Port, no doubt, will be a critical engine that will drive the Nigerian economy upon commencement of operations. I am equally confident that it will help to reinforce Nigeria’s status as a regional maritime hub and enable many related industries to flourish.”

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