Lagos, Nigeria — The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced that the Lekki Deep Sea Port is projected to contribute more than $200 billion in revenue to government coffers over its 45-year concession period.
Oyetola made this known on Wednesday in Lagos at a breakfast meeting organised by the Nigerian Chamber of Shipping in collaboration with Lekki Port, where he described the facility as a “game-changer” for Nigeria’s maritime and logistics sectors.
According to him, since the port commenced commercial operations, it has significantly reduced congestion in Lagos and other ports while boosting Nigeria’s position as a competitive logistics hub in West Africa.
“Lekki is already easing congestion in Lagos and other ports, while enhancing Nigeria’s competitiveness as a logistics hub. It is projected to contribute over $200bn to government revenue over its concession period, with a reach extending beyond our borders to serve neighbouring states. Yet it currently operates at only 20 per cent of its capacity, signaling vast untapped opportunities,” Oyetola said.
The former Osun governor explained that the Federal Government, in collaboration with Lagos State and private partners, had completed critical road infrastructure linking the port to major highways, enabling faster cargo evacuation and restoring investor confidence.
A Model for Trade Growth
Oyetola stressed that the Lekki Port model is replicable nationwide, noting that it rests on five pillars:
- Strategic location with regional market access
- Public–private partnership framework
- Integrated transport links (road, rail, and waterways)
- Supportive policies and incentives
- Technology-driven operations
He added that the government is already modernising Apapa Port, upgrading the Eastern Ports in Onne, Calabar and Rivers, and finalising the Port Community System to improve efficiency across the sector.
Lekki’s Economic Impact
The Managing Director of Lekki Port, Wang Qiang, described the project as a “bold policy success,” noting that its advanced infrastructure including Post Panamax Ship-to-Shore Cranes enables faster unloading, reduced waiting times, and lower logistics costs.
According to Qiang, the port’s overall impact on Nigeria’s economy is estimated at $361 billion within 45 years about 230 times the cost of construction. Of this, up to $201 billion will accrue to federal and state agencies in taxes, royalties, and duties.
He added that with transshipment operations launched in 2023, the port is set to reclaim maritime business lost to neighbouring West African countries and position Nigeria as a regional trade hub capable of supporting even landlocked states.
Industry Stakeholders React
Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, highlighted the importance of mobilising significant capital for such mega infrastructure projects, while the President of the Nigerian Chamber of Shipping, Aminu Umar, hailed the creation of the Ministry of Marine and Blue Economy as a “visionary decision.”
Umar stressed that the chamber was delighted to partner with Lekki Port, adding that shipping and maritime logistics are central to Nigeria’s prosperity.
“Shipping is not only an enabler of commerce, but central to national prosperity. Lekki has already demonstrated its potential as a regional hub, supporting international trade volumes and driving growth,” he said.