Connect with us

Nation

Lekki  Sea Port to generate $201bn revenue,create 170,000 jobs , says Lai Mohammed 

Published

on

06261ce6 allpapers

From Charity Nwakaudu, Abuja

 The Minister of Information and Culture,Lai Mohammed has said that the Lekki Deep Blue Sea Port would increase the economy of the country by creating about 201 billion dollars revenues through taxes, duties and royalties.

Lai Mohammed while inspecting the Lekki Deep Blue Sea Port project , added that its impact will be more than 200 times  the cost of building it.

The Minister  stressed that apart from revenue creation,the project would elevate about 170,000 Nigerians from poverty through job creation.

He further added that when the port begin commercial activities by the last quarter of the year, Nigeria would regain the maritime businesses it has lost to neighboring countries, adding that it is a first class facility.

“It a game changer because of the impact it will have on the nation’s economy and the jobs it will create, among others. The investment is huge: 1.53 billion dollars on fixed assets and 800 million dollars on construction.  But the aggregate impact has been put at 361 billion dollars in 45 years, which will be over 200 times the cost of building it.

 “It will create 169,972 jobs and bring revenues totalling 201 billion dollars to state and federal governments through taxes, royalties and duties. The direct and induced business revenue impact is estimated at 158 billion dollars, in addition to a qualitative impact on manufacturing, trade and commercial services sector

“Beyond that, when it begins operation in the last quarter of this year, it will make it possible for Nigeria to regain the maritime business that was lost to ports in Togo, Cote d’Ivoire and Ghana. It is also a big boost to Nigeria in its quest to take advantage of the implementation of the African Continental Free Trade Agreement (AfCFTA).

“A major advantage we have to leverage is transshipment. With this port, Nigeria will become a transshipment hub and the revenue we are currently losing to our neighboring countries will come here. That’s big .

“The facilities here are first class. We have 7 ship to shore cranes and 21 RTG cranes. No port in Nigeria currency has this. The excellent equipment is why this port can do 18,000 teu, which is more than four times the number that can currently be handled by our other ports.

The Minister also said the project is self sufficient in required electricity, that It is now read to generate up to 10 Mega Watts while the total capacity is 16 mega watts .

GET IT NOW

Trending