People & Money

Lekki Port to Increase GDP and Facilitate Trade Volume Growth 

The Managing Director of The Lekki Port LFTZ Enterprise Ltd (LPLEL), operator of the Lekki Deep Sea Port has listed some of the benefits of the Port to the Nigerian economy. Du Ruogang, MD of LPLEL while addressing pressmen during the inauguration of the port stated that the port would provide macro-economic benefits for Nigeria. According to him, the port will have a transformative effect on maritime activities in Nigeria and the entire West African region. 

In his report, Ruogang emphasized that the port would improve external trade competitiveness through improved port efficiency, cost-effective port operations and services, and improved turnaround time for cargo handling and clearance. 

According to him, “With Lekki Port, Nigeria will witness a growth in maritime traffic and global trade and strengthen connectivity and capability to provide efficient and reliable services.” 

“Lekki Port, no doubt, will be a critical engine that will drive the Nigerian economy upon commencement of operations. I am equally confident that it will help to reinforce Nigeria’s status as a regional maritime hub and enable many related industries to flourish,” he added. 

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The port was inaugurated by the Nigerian President, Muhammadu Buhari on the first day of his two-day working visit to Lagos State. According to Babajide Sanwoolu, the Lagos State Governor, the state had to get clearance from the Nigeria Export Zone Authority and the Nigeria Ports Authority. He stated that the project was a collaboration between the Federal Government, Lagos State, and the private sector. Additionally, he noted that the project showed the government’s commitment to supporting the development of infrastructure that would impact positively on the lives of Lagosians by providing thousands of jobs for the people.

The Lekki Deep Sea Port is owned by the Lekki Port LFTZ Enterprise Limited (LPLEL). LPLEL is a joint venture owned by the Lagos State Government, the Federal Government through the NPA, and Lekki Port Investment Holdings Inc (Tolarams Group and China Harbour Engineering Company Ltd). The port was constructed by China Harbour Engineering Company Limited and the container terminal is to be operated by CMA Terminals which is a subsidiary of the French shipping giant, CMA CGM. 

LPLEL is a corporation incorporated under the Companies & Allied Matters Act and licensed by the Lagos Free Zone to operate in the Free Zone under the NEPZ Act.

According to Denrick Moos, chief executive officer of CMA Terminals, the Lekki Port will be a new-generation container terminal, a game changer in Nigeria and West Africa, with state-of-the-art infrastructure. He stated, 

“The Port is Nigeria’s first deep sea port and is equipped with 13 quay cranes for a capacity of 2.5 million TEUs (Twenty-Foot Equivalent Units) on a 1.2 kilometres quay with a depth of 16 meters, it will operate vessels with a capacity of up to 15,000 TEUs and become one of the largest in West Africa. 

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“Through the new container terminal at Lekki Port, the CMA CGM Group will further develop its presence in Nigeria, the continent’s largest economy and population, and the most important consumer market in West Africa, and will consolidate its African global shipping and logistics network.” He added. 

The Lekki Deep Sea Port which has a quay length of 1.2km has a depth of about 16 meters. The port features 13 quay cranes with a capacity of 2.5 million TEUs (Twenty-Foot Equivalent Units), and the port is expected to operate vessels with a capacity of up to 15,000 TEUs. 

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