Jonathan: Breaking barriers with Lekki Port
were handled by the ports.
Estimated to cost about $1.354 billion, the Lekki port will be constructed through a Public Private Partnership arrangement, with the federal and Lagos state governments contributing 20 and 18.5 per cent equity respectively while other private investors will make up the balance of 61.85 per cent stake in the project. To be delivered within a record four years, the port will thereafter be operated on a concession basis for a period of 45 years, after which it will revert to the Federal Government.
Its potentials for revenue accruing to government are enormous: more than $9.3 billion will accrue to Nigeria Ports Authority (NPA) from marine services, royalties, customs charges and share profits from the investments. More importantly, in addition to the new port creating no less than 162,000 jobs, there are other benefits estimated at over $379 billion during the concession period.
Though it will be four years in coming, the new deep sea port is indeed a project of promise with potential to define the economic development strategy of President Jonathan administration. For him too, it is equally a statement in rising above political partisanship in seeking the development of the country. Hopefully, it will redefine cross-party relationships and put to rest, finally, the notion that the PDP federal government does not enjoy a cordial relationship with Lagos, starting place of the opposition.