Lekki Port To Contribute $200bn Revenue In 45 years —Oyetola

L-R: Director, Consumer Affairs, Nigerian Shippers Council(NSC), Mr. Akujobi Celestine; Managing Director, Lekki Port LFTZ Enterprise Limited, Mr. Wang Qiang; Managing Director, Nigerian Ports Authority (NPA), Mr. Abubakar Dantsoho; President, Nigerian Chamber of Shipping, Alhaji Aminu Umar; Honourable Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, and Vice President, Nigerian Chamber of Shipping, Mrs. Ify Akerele during a breakfast meeting organized by Nigerian Chamber of Shipping in collaboration with Lekki Port and held in Lagos Tuesday

The Minister of Blue and Marine Economy, Mr. Adegboyega Oyetola, has declared that Lekki Port is projected to unlock $200 billion in revenue for the government in of its’ 45-year concession period.

Oyetola made this declaration during a breakfast meeting organised by the Nigerian Chamber of Shipping (NCS) in collaboration with Lekki Port which was held in Lagos on August 19, 2025.

He explained that since the port commenced commercial operations, the challenge associated with port congestion has been easing both in Lagos and other ports, while simultaneously enhancing Nigeria’s competitiveness as a logistic hub.

According to him, with the road infrastructure provided by the federal government in collaboration with the Lagos State Government and private sector partners, cargo now moves out faster, investors’ confidence is restored, and trade flows without unnecessary delay.

He noted that the success of the port offers a replicable model for trade and shipping growth in Nigeria, adding that it was built on five pillars which include strategic location with regional market access; strong public–private partnership framework; integrated transport links by road, rail, and inland waterways; supportive policies and investment incentives; and technology-driven operations that deliver speed, transparency, and efficiency.

While commending the Nigerian Chamber of Shipping for its tireless work in advancing the maritime industry, the minister explained that the federal government remains committed to taking the lessons of Lekki Port and applying them nationwide to transform the entire port system into a network of modern, efficient, and competitive gateways.

According to him, the government is already modernising the Western Port in Apapa, upgrading the Eastern Ports in Onne, Calabar, and Rivers to stimulate balanced regional growth, and finalise the Port Community System.

Speaking on the theme “Unlocking opportunities: The Lekki Deep Sea Port Playbook for Transforming Trade and Shipping in Nigeria,” the Managing Director, Lekki Port, Wang Qiang, described the Lekki Deep Sea Port project as a clear example of how bold policy, modern infrastructure, and effective partnerships can transform trade, catalyse industry, and advance the blue economy agenda in Nigeria.

Qiang explained that the success of the Lekki Deep Seaport Public–Private Partnership playbook has clearly demonstrated how the adoption of the model can optimise Nigeria’s maritime potential.

He disclosed that Lekki Port boasts of modern, state-of-the-art Infrastructure and advanced technology, among which include Post Panamax Ship-to-Shore Cranes that can unload ships twice as fast, thus reducing waiting times, lowering logistics costs, and boosting trade efficiency. A drive –through scanning equipment capable of scanning containers under one minute, contributing to reduced dwell days of cargo in the ports, as well as automated gate systems that deliver fast and secure gate transactions, thereby reducing truck turnaround time for truckers calling at the port.

“The port is estimated to impact the economy to the tune of $361bn within its 45 years lifespan, which is a multiplier effect of about 230 times to the cost of construction. It is also expected to generate revenue of up to $201bn to the state and federal agencies in taxies, royalties and duties. Besides, Lekki Port is already positioned as a regional trade hub having commenced Transshipment operations in 2023. With this development, Nigeria will regain maritime business lost to West African countries and create the right platform to support the import and export needs of the landlocked countries bordering the country,” he added.

He urged stakeholders to treat Lekki Deep Sea Port not only as a singular achievement but a national blueprint that can serve as model to transform Nigeria’s trade, energise its blue economy, and create dignified, future-ready jobs for millions of people.

Also speaking during the panel session, Managing Director, Nigerian Ports Authority, Abubakar Dantsoho, emphasised the significance of mobilising much needed resource to undertake such capital-intensive project like the Lekki Deep Sea Port.

In his welcome address, the President, Nigerian Chamber of Shipping (NCS), Aminu Umar, stressed that the establishment of the Federal Ministry of Marine and Blue Economy by the current administration remains a visionary decision that is meant to consolidate the immense potential of import-export trade in Nigeria, given that shipping and maritime logistics are not only enablers of commerce, but central to national prosperity.

Umar stated that the NCS is delighted to partner with Lekki Port, considering how the port has demonstrated its potential as a regional hub, supporting international trade volumes and contributing to economic growth.