FG to earn $200bn revenue from Lekki Port – Oyetola
The Minister of Blue and Marine Economy, Mr Adegboyega Oyetola, has announced that the Lekki Port is projected to generate $200bn in revenue for the government over its 45-year concession period. In a statement on Wednesday, Oyetola made this declaration in Lagos during a breakfast meeting organised by the Nigerian Chamber of Shipping in collaboration with Lekki Port.
He explained that since the port commenced commercial operations, the challenge associated with port congestion has been easing both in Lagos and other ports, while simultaneously enhancing Nigeria’s competitiveness as a logistics hub.
He stated that the level of world-class infrastructure at the port signals vast untapped opportunities for investors, operators, and service providers.
The Osun State former governor stressed that the Federal Government has been playing a pivotal role in ensuring that the port does not suffer logistic bottlenecks through the completion of critical access roads linking it directly to major highways.
According to him, with the road infrastructure provided by the Federal Government in collaboration with the Lagos State Government and private sector partners, cargo now moves out faster, investors’ confidence is restored, and trade flows without unnecessary delay.
“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 noted that the success of the port offers a replicable model for trade and shipping growth in Nigeria. Oyetola added that the port was built on five pillars, which include strategic location with regional market access; strong public–private partnership framework; integrated transport links by road, rail, and inland waterways; supportive policies and investment incentives; and technology-driven operations that deliver speed, transparency, and efficiency.
