Lekki Port to yield $200bn for Nigeria

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has revealed that Lekki Port is projected to generate $200bn in revenue for the government over its 45-year concession. He made the disclosure in Lagos on Wednesday during a breakfast meeting organised by the Nigerian Chamber of Shipping in collaboration with Lekki Port.

Oyetola explained that since the port began commercial operations, it has eased congestion in Lagos and other ports, while boosting Nigeria’s competitiveness as a logistics hub. He highlighted the world-class infrastructure at the port, describing it as a signal of vast opportunities for investors, operators and service providers.

The former Osun State governor noted that the Federal Government has played a pivotal role in preventing logistical bottlenecks by completing key access roads linking the port to major highways. According to him, improved road infrastructure, delivered in partnership with Lagos State and private investors, has sped up cargo movement, restored investor confidence and facilitated trade.

“Lekki is already easing congestion in Lagos and other ports while strengthening Nigeria’s competitiveness as a logistics hub. It is projected to contribute over $200bn in government revenue during its concession period, with its reach extending to neighbouring states. Yet it currently operates at just 20 per cent capacity, offering vast untapped opportunities,” Oyetola said.

He stressed that the port’s success provides a replicable model for shipping growth in Nigeria, built on five pillars: strategic location, strong public–private partnership, integrated transport links, supportive policies, and technology-driven operations.

Oyetola added that government efforts are ongoing to modernise Apapa Port, upgrade Eastern Ports in Onne, Calabar and Rivers, and finalise the Port Community System to ensure balanced regional growth.

Speaking on the theme “Unlocking Opportunities: The Lekki Deep Sea Port Playbook for Transforming Trade and Shipping in Nigeria,” Lekki Port Managing Director, Wang Qiang, described the port as a model of how bold policies, modern infrastructure and partnerships could transform trade and advance Nigeria’s blue economy agenda.

Qiang revealed that the port is expected to contribute $361bn to the economy within 45 years — around 230 times the cost of construction — while generating $201bn in taxes, royalties and duties for government agencies. He also noted that its advanced technology, such as Post Panamax Ship-to-Shore Cranes, allows ships to be unloaded twice as fast, cutting waiting times and reducing logistics costs.

He added that the port has already positioned itself as a regional hub, beginning transshipment operations in 2023, enabling Nigeria to reclaim maritime business lost to neighbouring West African nations.

Also speaking, Nigerian Ports Authority Managing Director, Abubakar Dantsoho, underscored the importance of mobilising significant resources for capital-intensive projects like the Lekki Deep Sea Port.

In his welcome address, President of the Nigerian Chamber of Shipping, Aminu Umar, commended the establishment of the Federal Ministry of Marine and Blue Economy, describing it as a visionary move to consolidate Nigeria’s maritime potential. He said the chamber was pleased to partner with Lekki Port, which is already proving to be a regional trade hub supporting international commerce and driving economic growth.