Nigeria hopes that a new a deep-sea port set to open early next year will end maritime congestion and help boost an economy grappling with soaring inflation, stagnating growth and slumping foreign investment.
Cargo ships in Africa’s largest economy currently wait as much as a month offshore before unloading in Lagos, Nigeria’s commercial hub.
But the planned opening in March of the Lekki Deep Sea Port, on the eastern edge of the city, has the potential to slash wait times to two days, Mohammed Bello-Koko, managing director of Nigerian Ports Authority, said in an interview.
“It changes everything because Lekki will be faster, it has more space, and it is more modern,” Bello-Koko said.
The first phase of the $1.5 billion project will have a capacity of 1.2 million 20-foot containers, more than double the capacity of the country’s existing ports.
Inefficiency, corruption, decaying infrastructure and congestion at the Lagos ports have led to cargoes bound for Nigeria being diverted to Ghana and Togo, costing billions in lost revenues and raising local prices. The Lekki port will reverse the trend, Bello-Koko said.
