Nigeria

Lekki Deep Sea Port gets go-ahead


Published

The Executive Council of the Federation (FEC) has approved the development of the Lekki Deep Sea Port according to Minister of Information Labaran Maku at a press conference yesterday.

The port will cost around N216 billion (£825 million; $1.354 billion) to build and should be completed in four years. The port will cover an area of 90 hectares and be 6 kilometres long to accommodate 4 million tonnes of cargo per annum.

The minister said that the project is being built under a Public-Private Partnership (PPP) arrangement with a concessionary period of 45 years. The federal government will contribute 20% of the equity, the Lagos State in which the port sits will contribute 18.5% and the private sector will pick up the remaining 61.5%.

Lekki Deep Sea Port will be the first of its kind in Nigeria and along with the relevant infrastructure development around the port is expected to create 162,000 jobs.

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