Friday, May 17, 2013

Lekki Port To Generate $361b

Lekki port

The Lekki Deep Sea Port at the Lagos Free Trade Zone (LFTZ), will generate $361b during its concession, Managing Director of Lekki Port LFTZ Enterprise, Mr. Haresh Aswani, has said. The Port is under construction and is expected to be completed in 2016. Speaking during a tour of the project, Aswani said it would be sponsored by a Singapore-based conglomerate, Tolaram Group, in collaboration with the Federal and Lagos State governments. The company will hold 60 per cent shareholding equity and the Federal and Lagos State governments, 20 per cent each. He said N128 billion ($800 million) had so far been spent on the project.
“The $1.53 billion Lekki Port project will have an aggregate impact of $361 billion on the Nigerian economy over the period of the concession,” he said. According to him, when completed, the port which occupies 90 hectres of land, will serve as a multi-purpose facility that will handle major types of cargo such as containers and liquid bulk, among others. The port, according to Aswani, would bridge the projected demand capacity gap for Apapa Port. He said $800 million about N128 billion had been provided by the banks while Lagos has also made its financial commitment. The Federal Government is yet to provide its own $117million, Aswani said. He also stated that “the new Lekki Port has the capacity to accommodate larger vessels, offers optimised storage area and ease of expansion, the state-of-the-art equipment as well to facilitate relocation of Tank Farms. In addition, it is expected to contribute more than $361 billion to the economy while also creating close to 170,000 new jobs. Furthermore, Lekki Port will spur the economic development around the Lekki sub-region and on a wider perspective, the Lagos State through rapid industrialisation.

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