Business
FG To Back Lekki Deep Sea Project

President Muhammadu Buhari yesterday flagged off the construction of the Lekki Deep Sea Port in Lagos, pledging that the federal government would give the needed support to the project.
Buhari who was represented by his vice, Prof. Yemi Osinbajo, said the project would become one of the largest sea ports in the region, and serve as a hub for port operations in the whole of West Africa.
According to him, the project, once completed, is designed to influence the generation of up to 170,000 direct and indirect jobs in the economy.
“It is a landmark project for several reasons — the promoters of this project are targeting, we are told, about 1.5 million TEUs (Twenty Equivalent Units) container capacity annually, which they expect to grow to about 2.7 million and 4.7 million TEUs when the project commences.
“With this feat, this sea port will become one of the largest in our region and serve as a hub for ports operations in the whole of West Africa.
“I’m also told that the promoters also plan to dredge the port channel to about 16metres draft, which is not currently obtainable in any sea port or any port for that matter in the country.
“This, in itself, is an indication that ships of larger sizes will now be able to visit the port, and greater efficiency and economies of scale will generate significant revenues for the Nigerian economy, with government earning a significant portion of it,” he said.
“This project is essentially private sector driven — the Toleram Group and China Harbour are of course the lead private sector participants in this project.
“The Nigerian Ports Authority and the Lagos State Government are the public sector partners. The business of government is, in our view, to contribute by way of equity when necessary to project of this size, but more importantly, to create the enabling environment for the private sector.
Also speaking, Lagos State Governor Akinwunmi Ambode, represented by his deputy, Dr Idiat Adebule said that the Lekki port was a golden egg waiting to positively impact in the economy
In his remarks, Mr Navin Nahata, CEO Lekki Sea Port, one of the promoters of the project, said that the project had demonstrated that Nigeria is an investment destination.
He promised to put in all efforts to deliver the project by 2020.
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