President Muhammadu Buhari of Nigeria has officially opened a new Lagos port, the Lekki Deep Sea Port, which might have an economic impact throughout West Africa. The massive $1.5 billion Lekki Deep Sea Port, which took six years to develop, will act as a regional freight vessel gateway.
Lagos state Governor Babajide Sanwo-Olu stated that the new plant will, directly and indirectly, create 200,000 employment and earn billions of dollars in revenue for the country.
The Lekki Deep Sea Port is projected to lower the high cost of bringing commodities into the country by cutting vessel turnaround time, which has hampered operations at other ports in the country.
Lagos now relies on ancient and congested ports, whose waters are unable to berth larger vessels and contribute to city traffic congestion.
Meanwhile, Du Ruogang, Managing Director of the Lekki Port LFTZ Enterprise Ltd. (LPLEL), stated this to the media on Monday during President Muhammadu Buhari’s ceremonial inauguration of the Lekki Port.
According to him, the port’s macroeconomic benefit is huge. Mr Ruogang called the port a game changer that would reshape maritime activities in Nigeria and the whole West African sub-region.
Other benefits cited by him include increased external trade competitiveness through greater port efficiency, cost-effective port operations and services, and faster cargo handling and clearance turnaround times.
He also mentioned the benefits of reduced delays in the supply of raw materials and equipment, as well as lower importation costs and levies.