The federal and Lagos State governments are expected to realise over 361 billion dollars, about N287 trillion from its equity investment in Lekki Deep Seaport in Lagos after liquidating loans acquired for the project.
The direct and induced business revenue impact is estimated at $158 billion, about N124.7 trillion, in addition to a qualitative impact on the manufacturing, trade, and commercial services sector.
Lekki Deep Seaport is the largest deep seaport in West Africa with over 1.2 million TEUs annually.
Speaking on Monday at the official handover of the project to its owners, the chairman of directors, Biodun Dabiri, said the aggregate impact has been put at $361 billion in 45 years, when the loan has been liquidated, which will be over 200 times the cost of building.
Dabiri noted that this is in addition to about 170,000 jobs it will create and that it will also bring revenue totalling $201 billion to Lagos State and federal governments through taxes, royalties and duties.
Also speaking, the governor of Lagos State (one of the shareholders of Lekki Port), Babajide Sanwo-Olu expressed delight with the completion of the construction of the port.
Sanwo-Olu reaffirmed the Lagos State government’s commitment to the timely delivery of the road infrastructure network around the Ibeju Lekki axis to ensure the seamless evacuation of cargo from the port.
The Chinese Ambassador to Nigeria, Ambassador Cui Jianchun, commended CHEC for displaying excellence in their project skills and promoting China’s commitment to Africa’s infrastructure development drive. He noted that this project was a good example of what can be achieved when Nigeria and China cooperate and he looked forward to more such projects.
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