Lekki deep sea port will contribute $360bn to GDP, to start operation September

Minister of Transportation, Rotimi Amaechi says Nigeria’s Gross Domestic Product will gain $360 billion when the Lekki deep sea port commence operations September this year.

Amaechi said this while on inspection of the project on Sunday.

The minister was optimistic that the tax the government gets when the deep sea port begins operation would help finance other projects.

“The project will contribute about $360 billion over the years. It sounds much, but we actually need more of that money to accomplish what we want to achieve,” Amaechi said.

“But obviously, taxes will be collected here and even them (contractors) will pay taxes. I am not sure there was any taxes mentioned in the agreement, but I doubt there is any tax exemption.

“So, we will collect taxes here. The confidence in giving them the project is because of the taxes that we will collect here which will help us in the construction of other projects.”

He also said after the completion of the first deep sea port in the country, he will look towards setting the construction of Bonny deep sea port in motion.

“It also depends on how much the economy will grow before then. The growth of the economy will put pressure on the expansion.

“The argument we had in cabinet is that the need for a deep seaport at Lekki was as a result of the fact that the demand for port activities in the country has exceeded the supply of Tincan and Apapa around Lagos.

“This is the first seaport in Nigeria. What we had all these while are river ports. Tincan is a river port; Apapa is a river port and Port Harcourt too.

“Right here, you have 16.5m draft which is good for the country, but the country needs more than just one of this port because of the increase in commercial activities in the future.

“We need just more than Lagos deep seaport and for me, before I leave office, I will emphasise on the construction of the Bonny deep seaport,” he added.