(AGENDAWATCHDOG) – The Lekki Deep Seaport in Lagos Free Zone will commence full operations in the first quarter of 2023, according to Tolaram Group, the frontline investor handling the project .
In a statement signed by the Chief Press Secretary to the governor, Gboyega Akosile, titled ‘Lekki deep seaport begins operations in 2023, investor assures Lagos govt’, the first phase of the seaport project is at 48 per cent completion.
The port, which is being financed by $629m facility from China Development Bank, is occupying 90 hectares in the entire 830 hectares of land carved out for the Lagos Free Zone, created in 2012 to enhance the economic position of Lagos as a manufacturing and logistics hub in West Africa. The size of the deep seaport would allow 18,000 TEU capacity vessels, which are four times bigger than the ones berthing at Apapa seaports, thereby scaling down the cost of container transportation from any part of the world.
The Tolaram Group initiated a $2bn investment in the Lagos Free Zone, out of which the investor committed $950m to developing a manufacturing hub in the zone.
PROJECTED IMPACT: The deep seaport and other investments happening in the corridor has the potential to increase the state’s Gross Domestic Product in multiple folds, transform the commercial architecture of West Africa, bring about quick turnaround time in the maritime sector, generate more than 170,000 direct and indirect job opportunities for Lagos residents, and serve as alternative in an effort to decongest the Federal Government-owned seaports in Apapa.