Edge's News: $1.5BN Lekki Deep Seaport construction reaches 80% completion

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The promoters of the Lekki Deep Seaport, the Lekki Port LFTZ Enterprise Limited, yesterday, said that the construction of the $1.5 billion Lekki Port project is about  80 percent completed, with expectations to commence commercial operations in 2023.


According to the monthly update report by the company, total works on the deep seaport is now 79.68 per cent completed, while dredging and reclamation work is now 89.93 per cent completed.


The company further said that quay wall is now 85.65 per cent completed and the breakwater is also 79.66 per cent completed.


“For landside infrastructure, work done is  67.82 per cent completed, bringing total works carried out on the project as at Thursday, January 6, 2022 to 79.68 per cent completion,” the company stated.


Daily Sun learnt that the project, spread over 90 hectares of land in the heart of the Lagos Free Zone, and situated just 65 km east of Lagos city, is expected to create about 169,972 new jobs, while revenue to state and federal agencies from taxes, royalties and duties would amount to about $201 billion.


According to the promoters, the development of Lekki Deep Seaport was conceptualised on the basis of a significant gap in projected demand and capacity.


In addition to bridging the capacity deficit, Lekki Deep Seaport is expected to have a significant positive impact estimated at $361 billion over the term of the concession. 


Furthermore, Lekki Port is expected to spur the economic development around the Lekki sub-region and the wider Lagos State through rapid industrialisation.


The Project enjoys a development structure that is the first of its kind in Nigeria. This is the single largest private investment in infrastructure in Nigeria being developed on a non-recourse project finance basis with the majority of financing being raised internationally. 



Source: AP


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