Home Business Lekki Deep Seaport to boost Non-oil revenue by $361 billion

Lekki Deep Seaport to boost Non-oil revenue by $361 billion

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The Lekki Deep Sea Port located at Itoke village, Ibeju-Lekki, is expected to boost the country’s non-oil revenue following the commissioning of the port by President Muhammadu Buhari in Lagos recently.

This development comes on the heel of the tremendous performance recorded in the non-oil export sector in 2022 in which the sector recorded a significant and highly impressive result of US$ 4.820 billion for the year 2022 representing an increase of 39.91% over 2021.

Speaking on the development, the Executive Director/CEO of Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak noted that the Lekki Deep Sea Port will not only provide jobs, directly and indirectly along the value chain but will further ease the perennial congestion at the Apapa Ports and thereby enhance the export drive of the country as well as guarantee seamless trade facilitation.

Having been designated a Customs port, Dr. Ezra pointed out that all is now set for commercial vessels from across the world to berth and clear cargo at the port which is reported to be the country’s first Deep Sea Port and first fully automated as well.

He explained that the Lekki deep sea port which is domiciled within the Lekki Free Trade Zone (LFTZ) will further create an enabling environment for business and commercial activities to thrive particularly for the export of Nigerian products as it will play a strategic role in promoting international trade and sustainable economic growth for the country.

“The commissioning of the Lekki Deep Seaport is strategic and very key to the development and promotion of export trade. Indeed, it will ease the supply chain constraints and enhance logistics given the vital role of logistics in facilitating the transportation of goods to the international market.

It is also a major source of foreign exchange earnings”, he added. Dr. Ezra pointed out that about 214 different products ranging from manufactured, semi-processed, solid minerals to raw agricultural products were exported in 2022 while 19 Exit Points were used with Apapa Port recording the highest tonnage of exports”.

To this end, he commended the President for providing the political will to execute the project in collaboration with other stakeholders.

The project which is expected to add about $361 billion to the economy is a joint venture between the federal government, through the Nigerian Ports Authority (NPA), Lagos State Government, the Tolarams Group (owners of the Lagos Free Zone), and China Harbour Engineering Company.

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