Lekki Port-First Deep Sea port in Nigeria to cost over N216 billion

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The Federal Executive Council (FEC) approved the first ever Deep Sea port in Nigeria to cost over N216 billion ($1.354 billion) in 2013.

The Lekki Deep Sea port, which has been on the drawing board for several years with anticipatory approval received about 10years ago, will be completed in the next 4years. Its completion will end the present congestions at the various ports in the country including the Apapa port.

The Current administration, seeing the huge benefit of the project, had taken it over to be executed under a Public-Private-Partnership arrangement.

The federal government renegotiated the concessionary period in favour of Nigeria from 50 down to 45 years.

The Federal government is expected to contribute 20% equity on the port designed to handle the largest vessels in the world, while Lagos State Government will contribute 18.5%. Private investors are contributing 61.85%.

Designed to handle 4 million tonnes of cargoes, the port is expected to cover an area of 90 hectares with provision for expansion, 6 kilometers and the width of the Channel leading to the port is put at 200 meters to be dredged to a depth of 17.5 meters, with a width of 300 meters, making it the deepest in West Africa.

The Nigerian Ports Authority (NPA), is expected to reap over $9.3billion, made up of $2.6 billion from marines’ services and royalty and $6.7 billion from share of profits from the investments.

etc….yay!!! I’ve started lecturing!!! Anyways, don’t let the ignorance on social media limit your future. Come, let’s get you into the game. #Maritime

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