President Tinubu Allocates $700 Million for Road Projects to Boost Lekki Deep Sea Port

President Bola Tinubu has allocated $700 million to fund seven road projects aimed at enhancing business activities and logistics services at the Lekki Deep Sea Port, as part of ongoing efforts to support key investments like the Lekki port and tap into Nigeria’s maritime potential.

Abiodun Dabiri, the Chairman of the Lekki Free Trade Zone, revealed this development during the arrival of the largest container carrier to navigate Nigerian waters, which docked at the Lekki Deep Seaport. The vessel, named ‘Maersk Edirne’, measures 367 meters in length and 48.2 meters in breadth, with a Gross Registered Tonnage (GRT) of 142,131 metric tonnes and a Deadweight Tonnage (DWT) of 147,340 metric tonnes, carrying a total cargo of 3,376 units. The safe navigation of the vessel was overseen by pilots from the Nigerian Ports Authority (NPA).

The governor of Lagos State, Babajide Olusola Sanwo-Olu, attended the event as the special guest of honour.

Dabiri emphasized the transformative impact of the planned road projects, which will span approximately $700 million, connecting Lekki to Sagamu and facilitating the efficient movement of goods and services to and from the hinterlands.

Governor Sanwo-Olu, in a statement on his official X (formerly Twitter) account, commended the arrival of the LNG-powered CMA CGM SCANDOLA, a 14,812 TEUs container vessel, at the Lekki Deep Sea Port. He highlighted the significance of this milestone, as the vessel became the first LNG-powered container ship to sail to West Africa, underscoring the Lekki Deep Sea Port’s capacity to handle such large vessels.

Sanwo-Olu praised the Lekki Deep Sea Port, the Lekki Freeport Terminal, and CMA CGM for their contributions to Nigeria’s maritime industry, positioning Lagos and Nigeria as major players in global port operations.

The governor reiterated President Tinubu’s economic vision, emphasizing the crucial role of the maritime and port sectors in driving Nigeria towards a $1 trillion economy by 2030.

He expressed his commitment to making Lagos the safest region in sub-Saharan Africa, fostering an environment conducive to business growth and investment security.

The Lekki Port LFTZ Enterprise Limited (LPLEL), a joint venture involving Lekki Port Investment Holdings Inc (China Harbour Engineering Company Ltd. and Tolaram), the Lagos State Government, and the Federal Government of Nigeria through the Nigerian Ports Authority (NPA), owns the Lekki Deep Sea Port.

Nairametrics