The port is planned to be developed in phases to meet the growing demand. In phase one, which is expected to be operational by 2015, the port will have three container berths equipped to handle more than 1.8 million TEUs, one berth for dry bulk and two berths for liquid cargo
Africa sub-region.
The contract for the construction of the port was awarded to messrs Lekki ports LFTZ Enterprise at an estimated cost of S1.354,500 with a completion period of 4 years. Idris Umar, Minister of Transport said the government will have a 20 percent equity share, Lagos state government 18.5 percent while the private investors would have 61.85 percent. He explained that upon the expiration of the 45 years concessional period, the entire project will automatically revert back to the Federal government. Umar said “Council approved the issuance of a Guarantee to cover financial obligation of the NPA to pay compensation in the event of expropriation, war, civil disturbance, breach of contract and other event of default as per the concession agreement for the development of the port, as $800million out of the project cost is to be funded through debt financing while the balance of $554.5million is to be contributed by equity’’.
The port is expected to cover an area of 90 hectares with plans for expansion. The physical characteristics of the port in length of fresh water of 1500 meters, main key hold 575 meters, channel length, will be six kilometers and the width of the channel leading to the port 200 meters. The channel is to be dredged 17.5 meters, the deepest in the country ever.
The lekki deep sea port is located in the Lekki Free Trade Zone located at the Lekki peninsular, South East of the city of Lagos or the Lekki lagoon, a new city under development and one of the fastest developing urban areas with annual economic growth rate of 16.8 percent. Close to the vast market is the metropolis of Lagos, a planned deep sea port which will provide exporters with even better access to regional and international markets.
There is collaboration between the Lagos State government and a consortium of Chinese companies-infrastructure, specially dedicated power plant to ensure the zone is well served with energy independent of the national grid. Similarly, water and sewage treatment plants are under construction to cater for the rapidly developing city.
The port is planned to maximize the areas prime position with the type of industries set to develop around the port being heavy industries such as petrochemical and oil refineries. It will be sealed by fencing walls and dedicated police station to provide security while the 80 km-long, Lekki - Epe expressway will link the zone to central Lagos.
Philip Egeolu, an economist/maritime consultant, said the development of the seaport is a welcome development since the already existing ports are located in the heart of Lagos which has brought about congestion both at the seaport proper, their immediate environ and all the port’s access roads. He said the new port would be beneficial to the Federal Government, State Governments, Local Governments, government agencies, importers, exporters, transporters, service providers and the citizenry.
He said the strategic location of the seaport at the outskirts of Lagos will act as a catalyst for development with the Lekki-Epe Ijebu Ode axis. The new area, he said, will create wealth, industrial estate and residential estates. He added that it will act as a trans shipment port for west and central
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