Factual Pursuit of Truth for Progress
The newly inaugurated $1.5 billion Lekki Port will improve traffic flow in the Apapa corridor, lower freight costs & ultimately lower trading costs. The Nigerian Port Authority announced on Tuesday.
This was contained in a statement by the MD NPA, Mohammed Bello Koko.
He also revealed that with the opening of the Deepest Seaport in Nigeria, FG will launch additional ports in Nigeria.
Modern Port: Koko stated that the Lekki Deep Seaport is Nigeria’s first modern port and thanked the FG for approving the request. He said:
“The opening of the Lekki Port, Nigeria’s first modern deep-sea port with cutting-edge cargo handling equipment was especially exciting during this eventful period.
“Thank you President Muhammadu Buhari for the expediency with which you supported and approved our request.
Reduced Costs: he added the Port will improve traffic flow from Apapa Port and reduce trading costs in Nigeria.
“Having the deepest port in Nig will improve traffic flow in the Apapa corridor, lower freight costs & ultimately lower trading costs. For us at NPA, we intend to take advantage of this to recapture transhipment & transit cargoes that would typically call at nearby ports.
“Through PPP, additional deep-sea ports will come on board in the next few years. Several requests are being worked on by the Authority and the Infrastructure Concession Regulatory Commission (ICRC), and the outlook is positive and promising.”
Recall that the Infrastructure Concession Regulatory Commission (ICRC) stated the 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.
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.