$200 Billion internal revenue expected from Lekki port by 2016

In bid to ensure the completion of a multi product industrial and logistics hub located at Lagos trade free zone, Lekki, the Lagos Free Trade Zone Enterprise has engaged the services of leading global consultants such as Delta Marine Consultants, Berger ABAM, TBA Netherlands among others.

Mr. Haresh Aswani, the Managing Director of the Lagos Free Trade Zone (LFTZ), said the project would spread across 90 hectares of land and shall be built at an estimated cost of $1.55 billion. However, on completion by 2016, the project would contribute to the internally generated revenue of Lagos state some $200 billion and will create about 163, 000 new jobs.

He further added during a visit by the Lagos State Governor to inspect the level of work that “In addition to bridging the capacity deficit, Lekki Port will have significant positive macroeconomic impact estimated at $361 billion over the entire concession period.”

He revealed that the deep-sea port, which will be located 65km east of Lagos Mainland, shall spur the economic development around the Lekki sub-region, be a gateway to West Africa and ultimately enhance the industrialization of Lagos.

Evidently, this will further increase the industrial margin between Lagos and other State in Nigeria.   However, Lagos State Governor, Mr Babatunde Fashola (SAN), while speaking on Thursday at the second Lagos Corporate Assemble tagged “BRF Meets Business,” held at the LFTZ complex, Lekki, said paucity of funds was a major challenge undermining the prompt development of the Lekki Sea Port and Lekki International Airport. But he assured the community of the commitment of his administration to provide the necessary infrastructure to make the Lekki trade free zone functional as soon as possible.

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