Nigeria Starts Construction of Lekki Deep Sea Port in Lagos
- Business & Finance
Nigeria’s government has launched the construction of the Lekki Deep Sea Port in Lagos, pledging to provide the needed support for the project.
Located at the center of the Lagos Free Trade Zone, the deep sea port will feature three container berths, one dry bulk berth and three liquid berths. It would be capable of handling up to 2.7 million TEUs on an annual basis.
Port developers are also expected to undertake dredging of the port channel to a depth of about 16 meters in an effort to accommodate larger ships.
The USD 1.5 billion project, which is expected to be finalized in 2020, would deliver one of the largest sea ports in the region, Muhammadu Buhari, the President of Nigeria, was cited as saying during the inauguration ceremony, held on March 29.
The port would enable Nigeria to maintain its position as a leading maritime hub in the West Africa and Gulf of Guinea Maritime Domain.
The development of Lekki Deep Sea Port has been conceptualized on the basis of a significant gap in projected demand and capacity. Market studies indicate that the demand for containers is expected to grow at a CAGR of 12.9% up to 2025. The capacity shortfall for container terminal facilities in Lagos was projected to reach up to 5.5 million TEUs in 2025.
World Maritime News Staff