Africa’s most populous city Lagos is experiencing a storage problem following a sharp rise in activities at its shipping terminals. Originally estimated demand for container space has by far outstripped capacity.
Nigerian state initiated the construction of Lekki Deep Sea Port, a mega infrastructure projects designed to remedy the situation.
Billed as one of the biggest infrastructure projects in the continent, Lekki Deep Sea Port, located east of Lagos city, cost $1.5 billion. It can reportedly handle the equivalent of 2.7 million 20-foot-long container units a year.
“With a 1.2 kilometer quay, the 90-hectare site becomes the largest port in Nigeria, significantly expanding the country’s ability to process imports and exports,” Tom Page writes.
The port, as Page notes, “arrives at an important time for Nigeria’s economic outlook.” Nigeria’s economy is projected to grow at a decelerated rate of 3.2 per cent in 2022-2024, while the oil sector has contracted amid low production and inflation is close to 17 per cent, according to African Development Bank Group.
Instructively, it is projected that the port will create at least 170,000 jobs, and generate $360 billion over the next 45 years, according to the country’s Ministry of Transportation.