ICRC added it is expected to contribute 169,000 direct and indirect jobs.
by William Ukpe
Nigeria’s Infrastructure Concession Regulatory Commission (ICRC) stated that the newly inaugurated Lekki Port is a Major success story for Public-Private Partnerships in Infrastructure Development in Nigeria and is expected to contribute over $361 billion in economic impact expected in 45 years.
The ICRC disclosed this in a statement on Monday evening after President Muhammadu Buhari’s inauguration of the latest seaport in Nigeria.
They added the economic impact would be Revenue from duties, royalties, and taxes at $201 billion and also a Direct/Indirect business impact of $158 billion.
Features: ICRC said it expects over $361bn economic impact expected in 45 years. They said other features include:
Economic Impact & Project Cost: They added the project had a cost of $1.5 billion in assets and $800m on construction in all Phases.
Shareholding: The Nigerian Government owns 5%, The Lagos Government at 20% and the Lekki Port Investment Holding Inc owns 75% through the Special Purpose Vehicle (SPV- Lekki Port LFTZ Enterprise Limited).
Trade Growth: The Managing Director of Lekki Port LFTZ Enterprise Ltd. (LPLEL), Mr Du Ruogang added the port will boost Nigeria’s Gross Domestic Promote (GDP) and facilitate trade volume.
He added other benefits including; improvement of external trade competitiveness through improved port efficiency, cost-effective port operations and services, and improved turnaround time for cargo handling and clearance.