Olokola Deep Seaport To Earn The Country Over $9billion Naira Annually, Create One Million Job

LUCKY LAWAL

One of the major stakeholders and expert in the Nigeria Shipping Sector, the Managing Director of Victory Energy Resources Limited, Otunba Sola Olatunji, said that the cancelled Badagry Deep Seaport is a suspended project that stands as an alternative to favour the proposed Olokola Deep Seaport in Ondo State, which will generate about $9 billion to boost the economy IGR and create not less than a million jobs.

He said these while speaking to journalists in Lagos days ago. According to him, the project would be a major catalyst to the economy by the direct and indirect jobs it will create, which will be in excess of one million jobs, even as it would earn the country over $9billion annually. Otunba Olatunji also said the Olokola Deep Seaport is at advantage as it is over nine meters natural draught and also going to take away the Lagos gridlock.

It will be recalled that the Nigerian Ports Authority (NPA) recently cancelled the proposed Badagry Deep Seaport over alleged discrepancies in the consultant’s report. But those in the know said a major issue is the gridlock in Lagos, which siting of the deep seaport at Lekki and Badagry will definitely compound.

He further said, “Out of about 20 vessels that enter West Africa daily, 17 comes to Nigeria”. According to him, Deep Seaport business is all about logistics.

“If this port is realized, all those vessels will come here (Olokola) for their maintenance, bunker and groceries. Do you know the implication? Do you know how much that will be accruable to Nigeria daily from that? Do you know what only Chandelling activities to these vessels will do to this economy? We are talking of transactions that are all done in foreign exchange” he said.

Explaining further, he said, bigger vessels that cannot berth in Lagos and other river ports can berth in Olokola River, which has the longest coast and deepest draught in Nigeria. He maintained that many ancillary services attached to the shipping will help to generate more jobs for the people as well as attract investors into the country.

“So, you will now see new businesses thriving, new markets emerging because sailors will come out from the ships to go and buy things.”

In conclusion, Otunba Olatunji suggested that the proposed sea port be run on a Private and Public Partnership (PPP) model. In that, boat operator, ancillary service providers and investors will invest in the business.