Buhari Commissions Lekki Deep Sea Port, To Buoy Nigeria’s Economy by $361bn In 45 Years

Buhari Commissions Lekki Deep Sea Port, To Buoy Nigeria’s Economy by $361bn In 45 Years

President Muhammadu Buhari on Monday officially inaugurated the Lekki Deep Sea Port located in Itoke village, Ibeju-Lekki, Lagos,  and observed the offloading from a container ship at the Quay.

The $1.5 billion, a Joint Venture between the Federal Government of Nigeria through the Nigerian Ports Authority, Lagos State Government, the Tolarams Group (the owner of the Lagos Free Zone), and China Harbour Engineering Company, will have aggregate impact of about $361 Billion on Nigeria’s economy in the next 45 years.

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Over 170,000 jobs are also to be created as operations commence at the port.

The President also inaugurated the Imota Rice Mill, conceptualized and completed by Governor Babajide Sanwo-Olu of Lagos State as well as the Bestaf Lubricant at MRS Holdings Company Limited. The 200m litre lubricant plant, which covers the whole value chain of lubricants, is the first of its kind in West Africa.

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At the commissioning of the Lekki Deep Sea Port, the President led Governor Babajide Sanwo-Olu of Lagos State, the Minister of Transportation, Muazu Sambo, the Chinese Ambassador to Nigeria, Ciu Jianchun, top government officials and traditional rulers, to witness the overloading from the Container Ship, sailing under the flag of Malta.

On his part, the Minister of Transportation noted that the commissioning of the project was made possible by the expedited manner the President handled all requests made by the Federal Ministry of Transportation concerning Lekki Deep Seaport.

”Completing a project of the magnitude and impact of a deep seaport in a record time of 45 months shows the effectiveness of tenacious ministerial supervision, strict regulatory oversight and strong presidential backing.”

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Sambo, who described the project as one of the major legacies of this administration, added that over 170,000 jobs would be created as operations commence.

”The very fact that the letter of intent between the proponents of Lekki Deep Seaport and its financial partners was signed as recently as April 2019 and by January 2023 the wide-ranging impact project is already being commissioned is a testament to the tenacity of purpose of the Federal Ministry of Transportation through the Nigerian Ports Authority.”

He thanked the President for approving the Ministry’s extraordinary request to designate Lekki Deep Seaport as Customs Port and approved Wharf and its publication in the Federal Government Official Gazette in record time.

The Chinese Ambassador to Nigeria, in his goodwill message, said the landmark gateway project jointly built by five parties from four countries is a fitting example of a good business model.

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”This project is a joint venture between China, Nigeria and Singapore, and is run by a French company. The model of ‘five parties from four countries’ is a way of taking advantage of the wisdom and strength of all parties.”

At the Bestaf Lubricant plant owned by Sayyu Dantata, the founder and CEO of MRS Holdings Limited said the plant, which has the capacity of producing 1,700 different products, will contribute to foreign exchange generation for the country, through products export, as well as meet the needs of other neighbouring countries.

Today, Tuesday,  the President  inaugurated the historic first Phase of the Blue Line of the Lagos Rail Mass Transit in Marina and the John Randle Centre for Yoruba Culture and History at Onikan roundabout.

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