Minister of Blue and Marine Economy, Adegboyega Oyetola, says the Lekki Port is projected to generate $200 billion in government revenue over its 45-year concession period.
Speaking at a breakfast meeting in Lagos on Wednesday, organised by the Nigerian Chamber of Shipping in partnership with Lekki Port, Oyetola noted that since operations began, the port has helped ease congestion in Lagos and other ports while boosting Nigeria’s position as a regional logistics hub.
Themed “Unlocking opportunities: The Lekki DeepSea Port Playbook for Transforming Trade and Shipping in Nigeria,”
he stated that the port’s world-class infrastructure presents vast opportunities for investors, operators, and service providers. Oyetola further highlighted the Federal Government’s efforts in addressing potential logistic challenges, including the completion of key access roads linking the port to major highways.
He noted that with road infrastructure provided through collaboration between the Federal Government, Lagos State, and private partners, cargo now moves out faster, investors’ confidence has been restored, and trade flows more smoothly without unnecessary delays.
“Lekki is already easing congestion in Lagos and other ports, while enhancing Nigeria’s competitiveness as a logistics hub. It is projected to contribute over $200bn to government revenue over its concession period, with a reach extending beyond our borders to serve neighboring states. Yet it currently operates at only 20 per cent of its capacity, signaling vast untapped opportunities for investors, operators, and service providers,” Oyetola said.
He observed that the port’s success provides a replicable model for boosting trade and shipping growth across Nigeria. Oyetola explained that the port was built on five key pillars: a strategic location with access to regional markets; a robust public–private partnership framework; integrated transport links by road, rail, and inland waterways; supportive policies and investment incentives; and technology-driven operations designed to ensure speed, transparency, and efficiency.
Commending the Nigerian Chamber of Shipping for its role in advancing the maritime industry, Oyetola reaffirmed the Federal Government’s commitment to applying lessons from Lekki Port across the country to transform Nigeria’s port system into a modern, efficient, and competitive network of gateways. He noted that government efforts are already underway, including the modernisation of the Western Port in Apapa, upgrades to the Eastern Ports in Onne, Calabar, and Rivers to promote balanced regional growth, and the finalisation of the Port Community System.
Lekki Port Managing Director, Wang Qiang, described the Deep Seaport as a clear demonstration of how bold policies, modern infrastructure, and effective partnerships can transform trade, catalyse industrial growth, and drive Nigeria’s blue economy agenda.
He noted that the success of the port’s public–private partnership model underscores its potential to optimise the country’s vast maritime resources.
He disclosed that the port is equipped with state-of-the-art infrastructure and advanced technology, including Post Panamax Ship-to-Shore Cranes capable of unloading vessels twice as fast, thereby cutting waiting times, reducing logistics costs, and enhancing trade efficiency.
“The port is estimated to impact the economy to the tune of $361bn within 45 years, which is a multiplier effect of about 230 times the cost of construction. It is also expected to generate revenue of up to $201bn to the state and federal agencies in taxes, royalties, and duties.
“Besides, Lekki Port is already positioned as a regional trade hub, having commenced transshipment operations in 2023. With this development, Nigeria will regain maritime business lost to West African countries and create the right platform to support the import and export needs of the landlocked countries bordering the country,” he added.
