The Lagos State Governor, Babajide Sanwo-Olu has disclosed that the Lekki Deep Seaport which will begin operations in 2023 and will generate over 170,000 direct and indirect job for residents.
He explained that it will also serve as alternative in an effort to decongest the federal government-owned seaports in Apapa.
The project is being handled by Tolaram Group.
To demonstrate the commitment of the governor towards the realization of that project, Governor Sanwo-Olu took members of the state’s cabinet for two days working tour of the three free trade zones which is located in Ibeju Lekki area of Lagos.
Not long ago, a World Bank report listed the Lekki Free Trade Zone as the fastest growing free zone well beyond the continent.
Governor Sanwo-Olu has already said his administration remains committed to delivering project, stressing that the deep seaport and other investments happening in the corridor had the potential to increase the State’s GDP in multiple folds.
According to him, “Given the report I got and what I have seen here, I can say that Lagos Free Zone has made tremendous improvement. We have seen the level of partnership Tolaram Group is bringing in terms of international investment and local brands on this corridor.
“I commend all stakeholders that are with us on this journey we have found ourselves. With the level of work we have seen, I’m truly excited. It is more gratifying that, we are taking up this assignment with all energies required and we all can see what we can achieve when we work together.
“Since we signed a loan agreement less than 18 months ago, we have demonstrated strong capability in bringing the project to reality. This is the first quarter of 2021 and we have seen the project in about 48 per cent completion. The investors have given us the commitment on first quarter of 2023 completion date. We will fulfill all our parts to make sure this date becomes reality.”
Sanwo-Olu said the size of the deep seaport will allow 18,000 TEU capacity vessels, which are four times bigger than the ones berthing at Apapa seaports, thereby scaling down the cost of container transportation from any part of the world.
Chief Executive Officer of Lagos Free Zone, Mr. Dinesh Rathi, said Tolaram Group, a Singaporean coy, initiated a $2 billion investment in the Lagos Free Zone, out of which the investor committed $950 million to developing manufacturing hub in the zone.
Chairman of Lagos Free Zone Development Company, Mr. Biodun Dabiri, hailed the State Government for its commitment towards changing face of commerce in Africa, stressing that all statutory permits, licences and endorsement for the Lekki port project were already secured.
