National Economy
Saturday, July 12, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Opinion

Lekki Deep Seaport: Boosting Nigeria’s Foreign Trade

by Abayomi Solomon
2 years ago
in Opinion
Reading Time: 2 mins read
Nigeria
Share on FacebookShare on TwitterShare on Telegram

Lekki Port, the first deep sea port in Nigeria, is developed by CHEC with the BOOT model, and finished the construction in the October of 2022. The concession period is 45 years (three years’ construction included). The shareholders of the port are: CHEC, Tolaram, the Lagos Government, and Nigerian Ports Authority. Lekki Freeport Terminal, a joint venture enterprise owned by CHEC and CMA-CGM, is the container operator for the Port.

Phase 1 of the multipurpose Port, with an overall investment of 1.044 billion US dollars, have developed two container berths, 680 meters quay, and 16.5 meters deep channel; it is also equipped with 7 ship-to-shore cranes and 21 RTG cranes; the port yard covers 20 hectares, can accommodate 55,000 TEU. The port will be sufficient to handle 18,000 TEU vessels, and has a total capacity of 1.2 million TEUs annually. Lekki Port began the commercial operation in April 2023.

For a long time, the ports in Lagos have been facing traffic congestion, low draught level, poor cargo distribution capability, and undeveloped road network, thus Nigerian foreign trade has been significantly impeded, and Nigeria was losing the transshipment hub status to other West African countries in the past decades. Lekki Port will be the game-changer.  Situated in the Lagos Free Zone, Lekki Port is ideally positioned to service the gateway for Nigeria and the surrounding West African region; equipped with world-class machines, it is the first automated port in Nigeria, and will allow rapid customs clearance and significantly reduce the time of cargo handling. Lekki Port will promote the take-off of Nigeria’s economy and the prosperity of foreign trade, flourish many related industries, and create massive jobs. It is estimated that the overall economic benefit will reach $361 billion over the next 45 years, and 170,000 direct and indirect jobs will be created.

Abayomi, an economist, contributed this piece from Lagos.

You May Like

Unravelling Challenges Of Reforms Across Diverse Sectors In Nigeria

Housing Solutions Demand More Than Law

 

Tags: Seaport
ShareTweetShare
Previous Post

Africa’s Growth Remains Low, Creation Of Jobs Needed – World Bank

Next Post

Escalating Nigeria’s Mini Grid Investment With Development Partners

ANOTHER GOOD READ

Unravelling Challenges Of Reforms Across Diverse Sectors In Nigeria
Opinion

Unravelling Challenges Of Reforms Across Diverse Sectors In Nigeria

4 weeks ago
Housing Solutions Demand More Than Law
Opinion

Housing Solutions Demand More Than Law

1 month ago
Thriving In AI Era: How People Strategy Shapes Future Of Work
Opinion

Thriving In AI Era: How People Strategy Shapes Future Of Work

1 month ago
Beyond Job Titles: How Organisations Can Create Cultures Of Growth,Innovation
Opinion

Beyond Job Titles: How Organisations Can Create Cultures Of Growth,Innovation

3 months ago
Death Of Traditional Workplace: What Future Holds For Organisations
Opinion

Death Of Traditional Workplace: What Future Holds For Organisations

3 months ago
Death Of Traditional Workplace: What Future Holds For Organisations
Opinion

Death Of Traditional Workplace: What Future Holds For Organisations

3 months ago
Next Post
Escalating Nigeria’s Mini Grid Investment With Development Partners

Escalating Nigeria’s Mini Grid Investment With Development Partners

Most Recent

Trump Cryptocurrency Drops Amid US Tariff Backlash

Trump Threatens 10% Tariff On Countries Aligning With BRICS

July 7, 2025
China Hits US With Retaliatory Tariffs, Launches Probe Into Google Practices

China Responds To Trump’s Tariff Threat Against BRICS-Aligned Countries

July 7, 2025
CBN Unveils New Liquidity Instruments For NIFIs

CBN Clarifies BVN Fee For Nigerians In Diaspora

July 7, 2025
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy

Fiscal Governance Lifeblood Of National Development— Tinubu

July 7, 2025
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy

At BRICS Summit,Tinubu Demands Reform Of Global Financial, Health Systems

July 7, 2025
LG Launches “Radio Optimism” Campaign

LG Launches “Radio Optimism” Campaign

July 7, 2025
Are Africans Genetically Inferior?

Are Africans Genetically Inferior?

July 7, 2025
Jaiz Bank Lifts NYSC Camp Spirit With Thrilling Football Match

Jaiz Bank Lifts NYSC Camp Spirit With Thrilling Football Match

July 7, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy