Lekki Port revenue projection hits $200bn over 45 years, as Oyetola says the facility eases congestion and boosts Nigeria’s trade competitiveness

Lekki Port revenue projection has been estimated at over $200 billion within its 45-year concession period, according to the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola.

Also read: APC fumes as Adeleke moves to prosecute Oyetola men over contracts

Speaking at a breakfast meeting in Lagos organised by the Nigerian Chamber of Shipping in partnership with Lekki Port, Oyetola noted that since the port commenced operations, congestion in Lagos and other ports has eased significantly while Nigeria’s profile as a logistics hub has strengthened.

He stressed that the Federal Government, alongside the Lagos State Government and private partners, has invested in critical access roads to link the port with major highways, ensuring cargo movement without delays.

“Lekki is already easing congestion in Lagos and other ports, while enhancing Nigeria’s competitiveness as a logistics hub.

It is projected to contribute over $200bn to government revenue over its concession period, yet it currently operates at only 20 per cent capacity, signaling vast untapped opportunities,” Oyetola said.

The minister added that the port’s success, built on five pillars strategic location, public–private partnership, integrated transport links, supportive policies, and technology-driven operations provides a replicable model for nationwide port transformation.

Managing Director of Lekki Port, Wang Qiang, said the port could impact Nigeria’s economy by $361bn over the concession period, representing a multiplier effect of 230 times its construction cost.

He highlighted the role of modern technology, including Post Panamax Ship-to-Shore Cranes, which cut waiting times and reduce logistics costs.

Qiang added that Lekki Port has already positioned Nigeria as a regional trade hub, commencing transshipment operations in 2023 and reclaiming maritime business previously lost to other West African countries.

Also, NPA Managing Director Abubakar Dantsoho lauded the project’s capital mobilisation, while Nigerian Chamber of Shipping President Aminu Umar described the creation of the Blue Economy Ministry as a visionary move to consolidate Nigeria’s maritime and trade potential.

Also read: El-Rufai, Wike, Oyetola, Alake, Fagbemi make ministers list

The stakeholders agreed that the Lekki Port model is a bold blueprint for transforming trade, shipping, and economic growth in Nigeria and the region.