The Federal Government is projected to generate $200 billion in revenue from the Lekki Deep Sea Port over its 45-year concession period, the Minister of Blue and Marine Economy, Mr. Adegboyega Oyetola, has revealed.
Oyetola made this announcement on Wednesday during a breakfast meeting organized by the Nigerian Chamber of Shipping in collaboration with Lekki Port, highlighting the strategic significance of the port for national trade and economic growth.
According to the minister, the port has been instrumental in reducing congestion at Lagos and other regional ports, while also improving Nigeria’s competitiveness as a logistics and maritime hub.
He noted that despite operating at only 20 percent of its capacity, Lekki Port presents significant untapped opportunities for investors, service providers, and operators.
“The Lekki Deep Sea Port is already easing congestion in Lagos and other ports, while enhancing Nigeria’s position as a competitive logistics hub.
It is projected to contribute over $200 billion to government revenue during its concession period, with an impact extending beyond our borders to serve neighboring states.
Yet, the port operates at just a fraction of its potential, signaling vast opportunities for growth,” Oyetola said.
The minister explained that the port’s success is built on five pillars: a strategic location with access to regional markets, robust public-private partnerships, integrated transport links via road, rail, and inland waterways, supportive policies and investment incentives, and technology-driven operations ensuring speed, transparency, and efficiency.
Oyetola also emphasized the government’s commitment to replicating Lekki Port’s success across Nigeria.
Efforts are underway to modernize the Western Port in Apapa and upgrade Eastern ports in Onne, Calabar, and Rivers State.
In addition, the finalization of the Port Community System is expected to further streamline operations and facilitate trade.
Highlighting the multiplier effect of the port, the Managing Director of Lekki Port, Wang Qiang, stated that the facility could impact Nigeria’s economy to the tune of $361 billion over 45 years, representing approximately 230 times the cost of construction.
He added that the port’s modern infrastructure—including Post Panamax Ship-to-Shore Cranes—enables faster cargo handling, reduces logistics costs, and boosts trade efficiency.
“The Lekki Port public-private partnership model demonstrates how strategic policy, advanced infrastructure, and effective collaboration can transform trade, catalyze industrial growth, and advance Nigeria’s blue economy agenda,” Qiang said.
In his remarks, the Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, emphasized the need for mobilizing resources to maintain such capital-intensive projects, while the President of the Nigerian Chamber of Shipping, Aminu Umar, lauded the establishment of the Federal Ministry of Marine and Blue Economy as a visionary step for consolidating Nigeria’s maritime and trade potential.
Oyetola also credited ongoing federal and state government collaboration in completing critical access roads that link the port to major highways.
This infrastructure has accelerated cargo movement, restored investor confidence, and ensured smoother trade flows across the region.
The Lekki Deep Sea Port is also poised to position Nigeria as a regional transshipment hub, regaining maritime business lost to neighboring West African countries and providing a platform for supporting import and export activities for landlocked countries in the region.
With its robust framework, strategic location, and advanced facilities, Lekki Port is set to not only boost government revenue but also strengthen Nigeria’s global trade competitiveness, stimulate job creation, and drive industrial growth.