Lekki Port revenue projection may exceed $200bn, says Oyetola, highlighting massive investor opportunities and easing port congestion
Lekki Port revenue projection has reached an ambitious new benchmark, as Nigeria’s Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, announced the port is projected to generate over $200 billion in government revenue during its 45-year concession period.
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Oyetola revealed this during a breakfast session in Lagos, hosted by the Nigerian Chamber of Shipping in collaboration with Lekki Port, praising the facility as a “logistics game-changer” for Nigeria’s economy and maritime image.
According to the minister, Lekki Port has already begun to ease long-standing congestion in Lagos ports, while positioning Nigeria more competitively within West Africa’s logistics and trade ecosystem.
“Even at just 20% of its current operational capacity, Lekki Port’s impact is undeniable,” he said.
He attributed its early success to world-class infrastructure, seamless road access enabled by federal and Lagos state governments, and a powerful public–private sector partnership.
“Cargo now moves faster, investor confidence is high, and trade has become more efficient,” he noted, reaffirming the government’s commitment to replicating Lekki’s model nationwide.
The minister added that Nigeria’s broader port strategy includes modernising Apapa’s Western Port, upgrading Eastern ports like Onne and Calabar, and rolling out the Port Community System.
Delivering remarks on the event theme, “Unlocking Opportunities: The Lekki Deep Sea Port Playbook”, Managing Director of Lekki Port, Wang Qiang, said the facility has already begun transshipment operations, enabling Nigeria to recapture maritime business once lost to neighbouring countries.
“The port could generate $201 billion in revenue from taxes, royalties, and duties, while adding $361 billion in economic value—about 230 times the project’s construction cost,” Qiang added.
He emphasised the use of state-of-the-art Post Panamax cranes, which cut ship unloading times by half.
The event also featured industry leaders like the Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, who underlined the financial muscle needed to support such infrastructure.
President of the Nigerian Chamber of Shipping, Aminu Umar, hailed the creation of the Blue Economy Ministry, describing it as “visionary.”
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Umar concluded that Lekki Port is already proving itself as a strategic regional hub capable of supporting landlocked countries and reshaping West Africa’s shipping landscape.
