Lekki Deep Sea Port to Add $360 Billion to Nigeria’s Economy, Create 170,000 Jobs

The Lekki Deep Sea Port is expected to inject as much as $360 billion into Nigeria’s economy and generate approximately 170,000 jobs during its 45-year concession period, according to Managing Director Wang Qiang.

Speaking at a stakeholders’ forum in Lagos on Tuesday, Qiang explained that although operations at the port are still in their early stages, investor confidence remains strong and recovery from construction costs is progressing steadily.

“We invested over one billion dollars in developing this facility, and it will take some time to fully recover that investment,” Qiang said. “Operations are running smoothly, but we’re still in the cost-recovery phase due to the scale of the initial capital outlay.”

Qiang described the port as a vital component of Nigeria’s logistics and trade infrastructure, emphasizing the need for continued government collaboration to strengthen supporting facilities such as road and rail connections.

Also speaking at the event, Emmanuel Anda, Port Manager at the Nigerian Ports Authority, called Lekki Port a “game changer” for the nation’s maritime sector. He said the port’s advanced capacity and technology will enhance export potential, reduce import bottlenecks, and help position Nigeria as a regional export hub within the next decade.

Kehinde Olubi-Neye, Chief Commercial Officer at Lekki Freeport Terminal, noted that increased automation has streamlined operations, improved cargo handling, and significantly reduced congestion. He added that Lekki Port is now capable of handling the largest container vessels ever to dock in Nigeria.

Adesuwa Ladoja, Managing Director of Lagos Free Zone, highlighted the wider economic impact of the project, pointing out that businesses within surrounding free zones are already adding value to Nigeria’s export chain. She described the development as a symbol of innovation and resilience, having advanced through the challenges of the COVID-19 pandemic.

Representatives of nearby communities commended the port’s corporate social responsibility initiatives, including youth-skills training, empowerment programs, and educational support that have positively impacted local livelihoods.

Situated within the Lagos Free Zone, about 65 kilometres east of Lagos, Lekki Deep Sea Port is Nigeria’s first multi-purpose deep-water facility and the deepest in West Africa, boasting a draft of 16.5 metres and the ability to berth 18,000 TEU vessels. The port’s concession began in 2019, phase one construction concluded in 2022, and commercial operations officially commenced in April 2023.

Concluding his remarks, Qiang urged Nigerian businesses to take advantage of the opportunities the port presents, describing it as a platform capable of transforming national trade and industrial growth for decades to come.