Nigeria’s minister of marine and blue economy, Adegboyega Oyetola, has said the Lekki Deep Sea Port could contribute more than $200bn to government coffers during its 45-year concession, as officials touted the project as a model for modernising the country’s maritime gateways.
Speaking at a breakfast meeting in Lagos hosted by the Nigerian Chamber of Shipping and Lekki Port, Oyetola argued that the facility was already easing chronic congestion at Lagos ports, restoring investor confidence, and bolstering Nigeria’s bid to become a regional logistics hub.
“Lekki is projected to contribute over $200bn to government revenue over its concession period, with a reach extending beyond our borders to serve neighbouring states,” Oyetola said. “Yet it currently operates at only 20% of its capacity, signalling vast untapped opportunities.”
A former governor of Osun State, Oyetola credited federal and Lagos state authorities, alongside private sector partners, for ensuring critical access roads were in place to allow cargo to move efficiently in and out of the port. He suggested Lekki’s success offered “a replicable model” for reforming Nigeria’s wider port system.
The minister listed five pillars underpinning the project: a strategic location with regional reach; a strong public–private partnership model; integrated transport links by road, rail and inland waterways; supportive investment policies; and technology-driven operations designed for speed and transparency.
The port’s private operators are equally bullish. Wang Qiang, managing director of Lekki Port, said the facility could generate $201bn in taxes, royalties and duties over the concession period, while driving an economic impact estimated at $361bn – 230 times its construction cost.
Equipped with “Post Panamax” cranes that can unload ships twice as fast as older systems, the port is expected to reduce waiting times, cut logistics costs and reclaim maritime business Nigeria has lost to West African neighbours. Since 2023, it has also begun transshipment operations, positioning itself as a regional trade hub for landlocked states.
The Nigerian Ports Authority managing director, Abubakar Dantsoho, highlighted the importance of mobilising resources for such capital-intensive projects, while Aminu Umar, president of the Chamber of Shipping, described the establishment of a dedicated ministry for the blue economy as a “visionary decision” to consolidate Nigeria’s import-export potential.
Oyetola confirmed that the federal government is already replicating lessons from Lekki, modernising the Western Port in Apapa, upgrading the eastern ports of Onne, Calabar and Rivers, and finalising a Port Community System to streamline operations nationwide.
For many in the shipping industry, Lekki Port has become a rare success story in a country where infrastructure bottlenecks have long choked trade. Yet, as officials conceded, the real test lies in unlocking its full capacity – and ensuring Nigeria’s other maritime gateways follow suit.
