02 April 2018, Sweetcrude, Lagos – The Federal Government has disclosed that the concession of the Lekki port project will run for 46 years.
Vice President Yemi Osinbajo stated this as he announced government’s approval N90 billion for special economic zones across the country in line with its economic and growth plans.
He also said government is targeting N200 billion at the end of the concession period.
The landmark project also targets 4.7 million containers annually when it becomes fully operational.
“I am delighted to be here this morning for the flag off of the Lekki deepsea port project and being a landmark project for several crucial reasons, the first is that the promoters of this project are targeting about 1.5 million Twenty Equivalent Unit, TEUs, container capacity annually.
“This expects to grow to 2.7 million and 4.7 million TEUs when the project’s operations commence,” Osinbajo said at the flag-off of the Lekki Deep Seaport project.
He added: “With this feat, the Lekki deep seaport will become one of the largest deepwater port in our region and serve as a hub for port operations for the whole of West Africa.
“And with all of the plan that they have for developing it, we expect that it will probably become the largest in Africa.
“We expect that when completed, the project will influence the generation of up to 170,000 direct and indirect jobs in the economy”.