The Government of Nigeria states to earn $361bn from Lekki deep sea port

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The Federal Government and the 36 states of Nigeria are expected to earn about 361 billion dollars as revenue when operation begins at the Lekki deep sea port in Lagos.

Lekki Port, a multi-purpose, Deep Sea Port at the heart of the Lagos Free Trade Zone, Lekki Port will be one of the most modern ports, supporting the burgeoning trade across Nigeria and the entire West African region, and providing the connection to the global shipping network.

The Acting Director General of the Infrastructure Concession Regulatory Commission (ICRC), Chidi Izuwah, made this disclosure at the end of a closed door meeting he had with the promoters of the port.

Izuwah also said that aside from the 361 billion Dollars, both the state and federal government agencies would also earn about 201 billion dollars from taxes, royalties and duties from activities in the port. Izuwah said that operation at the Lekki free trade zone would create over 170,000 jobs directly and indirectly from port operations.

He said: “Approximately 20 billion dollars is expected to be spent on employee salaries. Investment on fixed assets in the port will gulp about 1.53 billion dollars while 800 million is expected to go into construction work.”

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