The federal government, on Wednesday, said with reduced port cost, automation that the Lekki Deep Seaport will bring to bear when it becomes operational by the end of last quarter 2022, the nation will wrest lost cargoes from neighbouring countries’ ports.
Stakeholders have identified port cost, lack of automation and cargo dwell time as factors responsible for the abandonment of Apapa and Tin-Can ports for port of Lome in Togo, Ghana, Benin Republic and Cote D’Ivoire.
But, speaking to journalists after conducting an on-the-spot assessment of the Lekki Deep Seaport, the minister of Information and Culture, Alhaji Lai Mohammed, said the port will be the deepest in West and Central Africa, thereby, receive vessels that are five times bigger than vessels that call at Lagos seaport.
According to him, with the economic of scales, the cargoes coming to the country will be cheaper and that will enable Nigeria wrestle its lost cargoes from neighbouring ports.
He said, “we will have the deepest seaport in west Africa. That means vessels that are five time, six times bigger that we couldn’t handle today will come and when we look at the economy of scales, then it becomes cheaper to ship goods through this port.
“Beyond that, when it begins operation in the last quarter of this year, it will make it possible for Nigeria to regain the maritime business that was lost to ports in Togo, Cote d’Ivoire and Ghana. It is also a big boost to Nigeria in its quest to take advantage of the implementation of the African Continental Free Trade Agreement (AfCFTA).
“A major advantage we have to leverage is transshipment. With this port, Nigeria will become a transshipment hub and the revenue we are currently losing to our neighboring countries will come here.”
The minister, who said the aggregate impact of the project has been put at $361billion in 45 years on the nation’s economy said the project will create 169,972 jobs and bring revenues totalling $201billion to State and Federal governments through taxes, royalties and duties.
“The investment is huge, $1.53 billion on fixed assets and $800million on construction. But, the aggregate impact has been put at $361 billion in 45 years, which will be over 200 times the cost of building it.
“In addition, it will create 169,972 jobs and bring revenues totalling $201billion to state and federal governments through taxes, royalties and duties. The direct and induced business revenue impact is estimated at $158billion, in addition to a qualitative impact on manufacturing, trade and commercial services sector,” he added.
Mohammed also reiterated that the seaport will begin operation by last quarter of 2022, saying the second and third phase of the development will be completed by the promoters.
“As you know, this project is being done in phases. Phase 1 has reached 89 percent and will be completed in September this year. The facilities here are first class. We have 7 Ship to Shore Cranes and 21 Rubber Tyre Gantry (RTG) cranes. No port in Nigeria currency has this.
“The excellent equipment is why this port can do 18,000 teu, which is more than four times the number that can currently be handled by our other ports. Also, the project is self sufficient in required electricity. It is now ready to generate up to 10 Mega Watts with total capacity of 16 mega watts. Overall, this is another example of the first class infrastructure being developed across the country by this administration.
“Whether it is roads, rail, airport terminals, gas pipelines, housing, ports, just name it. I want to appeal to our colleagues in the media to play up these developmental efforts instead of concentrating energy on negativity. That’s why we embark on these tours with a large retinue of journalists. Let the world know that Nigeria is not all about kidnapping, terrorism and banditry. It is also about massive developments that are unprecedented,” the Minister stated. Leadership.