New Lekki Seaport Agreed Upon By FG, Lagos State

The Federal and Lagos State governments have signed a Memorandum of Understanding for the construction of a deep seaport in the Lekki area of the state.

At the signing ceremony, the Managing Director of the Nigerian Ports Authority, Mr Habib Abdullahi, who signed on the Federal Government’s behalf said that the new port would serve as a complementary port to the Tin Can and Apapa ports and would boost the economy of the country.

He said that the new port has become a necessity as the existing seaports have been stretched beyond their capacity.

He said, “The partnership is such there  are foreign investors in the the Lekki Port project with a 60-20-20 formula. That is 60 per cent for the foreign investors, 20 per cent for the Federal Government through the NPA, and 20 per cent equity for the state government.

“That is how it is going to work. The driving force will be the foreign partners, who have already started work there. They have already invested some amount and we are expected also to put in our equities.”

Abdullahi said that the NPA would provide technical support for the project in order to ensure it complies with the required standards, even as he added that the NPA was looking at constructing more ports across the country.

The Commissioner for Commerce and Industry, Mrs Shola Oworu, who signed for the Lagos State Government said that the project was a response to the need for a modern and truly deep seaport that can take in larger vessels, as the existing seaports cannot handle the traffic accompanying the economic expansion of the country.

She said, “We have just signed the agreement for the first phase of the project. We expected that it would be completed in the next three years.”

The project also received praise from a former Governor of the Central Bank of Nigeria, Mr Joseph Sanusi who said that it would impact on not only the state’s economy positively, but on that of the whole country.