Sunday, May 5, 2024
Home NEWS Lekki Port to yield $360b for GDP from September

Lekki Port to yield $360b for GDP from September

-

Lekki Port to be fully automated

By Jeph Ajobaju, Chief Copy Editor

Lekki Deep Seaport in Lagos is expected to contribute $360 billion to Gross Domestic Product (GDP) when it starts commercial operations in September, Transportation Minister Rotimi Amaechi has announced.

The port is automated and will function in a way similar to DP wall in Dubai, he said after inspecting the facility on Sunday.

- Advertisement -

“Inspecting the Lekki Deep Seaport today, there’s huge improvement compared to the last time we visited.

“The management has assured that the cranes would arrive in June, while commercial activities would commence in September,” Amaechi enthused in a statement.

“The port is estimated to contribute about $360b to Nigeria’s GDP. This is a privately funded project, over time they will collect their revenue from commercial activities before they hand over to the federal government through NPA [Nigerian Ports Authority].

“Obviously taxes will be collected here, even them, they will pay taxes. I doubt there is tax exemption, so we will collect taxes and I must say that the confidence in giving them the project is because of the taxes that we will collect.”

__________________________________________________________________

- Advertisement -

Related articles:

Auditor asks NPA to refund N40.13b, $921.64m to treasury

Bala-Usman, suspended NPA boss, not quizzed by probe panel

Pirates revel in lax security to increase attacks on vessels at Lagos ports

ICPC, NSC pledge enforcement of port process manual

__________________________________________________________________

Nigeria’s first seaport

“The argument we have in the cabinet is that the need for Lekki is as a result of the fact that the demand for port activities have exceeded the supply of Tin Can and Apapa Ports around Lagos,” Amaech added in the statement, per Nairametrics.

“We have more ports than the country needs for now because manufacturing is a big problem in Nigeria coupled with the fact that this is the first seaport in Nigeria.

“Right here you have 16.5 metres of drought which is good for the country but the country needs more than just one.

“This is because they no longer manufacture those 11 metre vessels,  they now go between 16 meters and above. So, we need just more than Lagos deep seaport.

“And I think that is why for me before I leave office I will emphasise on the construction of the Bonny Deep Seaport.”

Amaechi said when completed the port would create more economic activities and jobs for youths, among other benefits, and measures are in place to ensure the port is automated and of international standard.

“Everything is automated, from the gate till you get here. So you will see something close to what you have in DP wall in Dubai and what you have in Singapore.”

Amaechi stressed the need for a rail system to convey both liquid and dry cargoes out of Lagos through the ports, saying there will be problem if this is not done.

He also sought land extension to facilitate completion of the project and urged the NPA to discuss this with the Lagos government.

Must Read