The Federal Government is projected to generate $200 billion in revenue over the 45-year concession period of the Lekki Deep Sea Port, according to the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola. Speaking at a Nigerian Chamber of Shipping breakfast meeting in Lagos on August 19, 2025, Oyetola highlighted the port’s significant economic impact. He noted that the port has already eased congestion at other Nigerian ports, enhanced the nation’s competitiveness as a logistics hub, and attracted global investors.
The $1.5 billion Lekki Port, located in the Lagos Free Trade Zone, commenced full commercial operations in April 2023. It is West Africa’s first deep-sea facility, equipped to handle mega-vessels carrying up to 18,000 containers. The port’s infrastructure includes a 1.2 million TEU capacity container terminal, liquid and dry bulk terminals, and advanced scanning and gate automation systems to reduce cargo dwell time.
Oyetola emphasized that Lekki Port serves as a model for transforming Nigeria’s maritime sector into Africa’s most efficient trade gateway. He also announced plans to replicate the Lekki model nationwide, with modernization projects underway at Apapa, Onne, Calabar, and Rivers Ports, alongside the rollout of a digital port community system integrated with the National Single Window to eliminate bottlenecks.
The development of Lekki Port is expected to create approximately 170,000 direct and indirect jobs and contribute an estimated $361 billion to Nigeria’s economy over its lifespan. The port is already positioned as a regional trade hub, having commenced transshipment operations in 2023, and is poised to support the import and export needs of landlocked countries bordering Nigeria.