Lekki Deep Sea Port gets go-ahead
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.