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

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

The ICRC disclosed this in a press release on Monday night after President Muhammadu Buhari’s inauguration of the newest seaport in Nigeria.

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

Features: ICRC stated it expects over $361bn economic impact anticipated in 45 years. They stated different options embody:

  • “ 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 challenge had a value of $1.5 billion in property and $800m on building in all Phases.

  • “ Economic impact: $361 billion (Revenue from duties, royalties, taxes $201bn, Direct/Indirect enterprise 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%  by means of 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 enhance Nigeria’s Gross Domestic (*45*) (GDP) and facilitate commerce quantity.

He added different advantages together with; enchancment of exterior commerce competitiveness by means of improved port effectivity, value-efficient port operations and companies, and improved turnaround time for cargo dealing with and clearance.

  • “With Lekki Port, Nigeria will witness a development in maritime visitors and international commerce and strengthen connectivity and functionality to present environment friendly and dependable companies.
  • “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.”


Leave a Reply

%d bloggers like this: