Lekki Port to Generate $200bn for Nigeria, Eases Congestion and Boosts Trade — Oyetola

The Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, has revealed that the Lekki Deep Sea Port is projected to contribute over $200 billion to government revenue over its 45-year concession period. He made this disclosure in Lagos on Wednesday during a breakfast meeting hosted by the Nigerian Chamber of Shipping in partnership with Lekki Port.

Oyetola highlighted the port’s growing impact since the start of its commercial operations, noting that it has already begun easing congestion in Lagos and other ports while enhancing Nigeria’s standing as a regional logistics hub.

He attributed this progress to the port’s world-class infrastructure, which he said presents significant untapped opportunities for investors, operators, and service providers. The minister also emphasized the role of the Federal Government in ensuring seamless port operations through the completion of vital access roads linking the port to key highways.

“With the collaborative efforts of the Federal Government, Lagos State, and private sector partners, cargo evacuation has become faster, investor confidence is rising, and trade is moving without delay,” Oyetola stated.

He noted that Lekki Port currently operates at only 20% of its capacity, yet it has already positioned Nigeria as a regional maritime powerhouse. “Its operations are expected to serve not just Nigeria, but neighboring landlocked countries as well,” he added.

Oyetola described the Lekki Port as a model for future trade and shipping development, built on five strategic pillars: advantageous regional location, strong public–private partnerships, integrated transport connectivity (road, rail, and waterways), investor-friendly policies, and tech-driven operations for speed and efficiency.

He commended the Nigerian Chamber of Shipping for its advocacy in the maritime sector and reaffirmed the Federal Government’s commitment to replicating the Lekki Port model across the country. “We’re modernising Apapa Port, upgrading the Eastern Ports in Onne, Calabar, and Rivers, and finalising the Port Community System to improve coordination and service delivery,” he said.

On his part, Wang Qiang, Managing Director of Lekki Port, described the port as a testament to what bold policy, modern infrastructure, and effective collaboration can achieve. He revealed that the port features cutting-edge facilities such as Post Panamax Ship-to-Shore Cranes, which significantly reduce vessel turnaround time and logistics costs.

Qiang stated that the port is expected to contribute $361 billion to the Nigerian economy over the concession period, delivering a 230-fold return on its construction cost. It is also projected to generate up to $201 billion in taxes, duties, and royalties for both state and federal governments.

Already functioning as a regional transshipment hub since 2023, Lekki Port is helping Nigeria reclaim maritime business previously lost to other West African nations while facilitating trade for landlocked neighboring countries.

Abubakar Dantsoho, Managing Director of the Nigerian Ports Authority (NPA), emphasized the importance of securing substantial resources to develop such large-scale infrastructure. He commended the stakeholders involved in bringing the project to life.

In his welcome address, President of the Nigerian Chamber of Shipping, Aminu Umar, hailed the creation of the Federal Ministry of Marine and Blue Economy as a strategic move to harness Nigeria’s maritime potential. He praised Lekki Port’s role in strengthening international trade and driving national economic growth.

Umar said the Chamber is proud to partner with Lekki Port, describing it as a beacon of maritime excellence and a vital component in unlocking Nigeria’s blue economy.