What's Hot

    Tech African Women startup accelerator launches in Ethiopia

    August 17, 2022

    Appetito and Purity sign MoU

    August 16, 2022

    Afriguild strikes investment deal with Adaverse  

    August 15, 2022
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      Rotana enters Algerian market with new Oran resort

      August 11, 2022

      AD Ports Group and Hutchison Ports Sign MoU on Tanzanian projects

      August 3, 2022

      Mulk International to develop USD 500 million high-tech park in Zimbabwe

      July 22, 2022
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Abu Dhabi’s non-oil foreign trade climbs to USD 33 billion in H1 2022

      August 15, 2022

      AD Ports Group and Hutchison Ports Sign MoU on Tanzanian projects

      August 3, 2022

      Kenya and UAE begin talks on Comprehensive Economic Partnership Agreement

      July 29, 2022
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      MENA startups raise USD105 million in July, the lowest amount in 2022

      Business FDI Finance Innovation August 8, 2022
      Recent

      MENA startups raise USD105 million in July, the lowest amount in 2022

      August 8, 2022

      IsDB: Islamic Development Bank Group announces USD 10.54 billion package to address food security

      August 1, 2022

      The United Bank for Africa Group expands to EMEA

      July 25, 2022
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Infrastructure

    Lekki Port: Nigeria’s new deep sea port “89% complete”

    May 5, 20222 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Lekki Port
    Lekki Port will generate USD 201 in revenue according to the Nigerian government.
    Share
    Facebook Twitter LinkedIn Pinterest Email

    With the new Lekki port, Nigeria aims to become an African transshipment hub and recover lost maritime business.

    Lekki Deep Sea Port is set to open before the end of the year and, according to Du Ruogang, the port’s managing director, the project sits at 89% competition. The port is 75% owned by China Harbour Engineering Company and Tolaram group with the balance between Lagos state government and the Nigerian Port Authority, according to Ruogang. Investment in the project is valued over USD 1.5 billion.

    The largest port in West Africa

    The government has claimed that the port will generate USD 201 billion in total revenue over 45 years.

    Situated in Lagos, the port has been under construction for over a decade. The new facilities will have the capacity for 18,000 twenty-foot equivalent units, over four times the capacity of Nigeria’s current port facilities. The port is part of Nigeria’s ongoing infrastructure development program and the government hopes that its completion will foster trade. The port covers a total area of 90 hectares, making it the largest port in the West African region.

    “With this port, Nigeria will become a transshipment hub,” Information Minister Lai Mohammed said recently. According to Mohammad, Nigeria will seek to use the port as a means of regaining maritime business that has been lost to ports in Ghana, Togo and Ivory Coast.

    USD 201 billion

    “The port will create 169,972 jobs and bring revenues totaling USD 201 billion to state and federal governments through taxes, royalties and duties. The direct and induced business revenue impact is estimated at USD 158 billion in addition to a qualitative impact on the manufacturing, trade and commercial services sector,” said Mohammad.

    “The facilities here are first class. We have seven ships to shore cranes and 21 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. The project is self-sufficient in required electricity. It is now ready to generate up to 10 Mega Watts and the total capacity is 16 megawatts,” he said.

    According to Mohammed, the project is expected to be complete by September of this year. Ruogang said that phase two of the port’s development will commence within the next seven years.

    Infrastructure lagos Lekki nigeria trade
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleOPEC Fund to support Nigeria-Morocco Gas Pipeline
    Next Article AD Ports Group signs agreement for the development of Egyptian ports

    Related Posts

    Business Culture & Society Education

    Afriguild strikes investment deal with Adaverse  

    August 15, 2022
    Business Business & Trade

    Abu Dhabi’s non-oil foreign trade climbs to USD 33 billion in H1 2022

    August 15, 2022
    Business Hospitality Infrastructure Property

    Rotana enters Algerian market with new Oran resort

    August 11, 2022
    View 1 Comment

    1 Comment

    1. Pingback: AD Ports Group signs agreement for the development of Egyptian ports

    Leave A Reply Cancel Reply

    LATEST STORIES

    Tech African Women startup accelerator launches in Ethiopia

    August 17, 2022

    Appetito and Purity sign MoU

    August 16, 2022

    Afriguild strikes investment deal with Adaverse  

    August 15, 2022

    Abu Dhabi’s non-oil foreign trade climbs to USD 33 billion in H1 2022

    August 15, 2022

    Convertedin raises USD 3 million in Seed round

    August 12, 2022
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.