The Minister of Marine and Blue Economy, Adegboyega Oyetola, has projected that the Lekki Deep Sea Port will generate over $200 billion in revenue for the Federal Government during its 45-year concession period.
Oyetola made the disclosure on Wednesday in Lagos at a breakfast meeting organised by the Nigerian Chamber of Shipping, in partnership with Lekki Port, where he described the facility as a game-changer for Nigeria’s maritime and trade sector.
According to him, since the port commenced commercial operations, it has significantly eased congestion in Lagos and other ports, while boosting Nigeria’s competitiveness as a logistics hub. He added that the Federal Government, in collaboration with Lagos State and private partners, has provided critical infrastructure, including access roads, to ensure smooth cargo movement and strengthen investors’ confidence.
“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 neighboring states,” Oyetola said.
The minister noted that the port’s integrated model, built on five pillars; strategic location, strong public–private partnership, multi-modal transport links, supportive policies, and technology-driven operations, offers a replicable framework for transforming Nigeria’s port system nationwide.
He added that the Federal Government is already upgrading the Western Port in Apapa and the Eastern Ports in Onne, Calabar, and Rivers, while finalising the Port Community System to modernise the entire sector.
Speaking on the theme Unlocking Opportunities: The Lekki Deep Sea Port Playbook for Transforming Trade and Shipping in Nigeria, the Managing Director of Lekki Port, Wang Qiang, said the project demonstrates how bold policies, modern infrastructure, and effective partnerships can advance Nigeria’s blue economy.
Qiang revealed that the Lekki Deep Sea Port is expected to contribute up to $361bn to the Nigerian economy over 45 years, with $201bn in revenue accruing to federal and state agencies through taxes, royalties, and duties. He noted that the port, equipped with Post Panamax Ship-to-Shore Cranes, has already commenced transshipment operations, positioning Nigeria to reclaim maritime business previously lost to other West African countries.
The Managing Director of the Nigerian Ports Authority (NPA), Abubakar Dantsoho, highlighted the importance of mobilising resources for such capital-intensive projects, while the President of the Nigerian Chamber of Shipping, Aminu Umar, commended the Federal Government for creating the Marine and Blue Economy Ministry, describing it as a visionary move to consolidate Nigeria’s maritime potential.
