Tinubu Approves $700 Million For Road Projects To Boost Business Activities In Lekki Port

President Tinubu has approved $700 million for road projects to boost business activities in Lekki Port.

 

NewsOnline Nigeria reports that President Bola Tinubu has approved the sum of $700 million for 7 road projects to boost business activities and logistic services at the Lekki Deep Sea Port.

 

This is part of the concerted efforts of President Tinubu to continuously support noble investor efforts such as the Lekki port and others to optimise the rich blue economy inherent in the nation’s maritime domain.

 

ALSO: Redeployed CBN Staff Resume At Lagos Office

 

According to Nation, this was made known by the Chairman of the Lekki Free Trade Zone, Abiodun Dabiri, during the arrival of the largest container carrier to sail on Nigerian territorial waters, which birthed at the Lekki Deep Seaport.

 

The vessel, christened ‘Maersk Edirne’, measures 367M in length and a breadth of 48.2.

 

It was laden with a Gross Registered Tonnage (GRT) of 142,131 metric tonnes and a Deadweight Tonnage (DWT) of 147,340 metric tonnes, constituting 3,376 total cargo onboard. It was navigated to safety by pilots of the Nigerian Ports Authority (NPA).

 

The governor of Lagos State, Babajide Olusola Sanwo-Olu was the special guest of honour at the auspicious occasion.

 

The roads to facilitate evacuation of goods, services

Speaking at the event, Dabiri said, ‘’The roads are clearly going to be a game changer, it is going to be about $700 million. “It will take off from Lekki. It will fly over through the lagoons and terminate around Sagamu. It will facilitate the evacuation of goods and services into the hinterland and we can’t wait for it to happen.”

Governor Sanwo-Olu commends Lekki Deep Seaport

The Lagos State Governor, Babajide Sanwo-Olu, and other key stakeholders witnessed the arrival of the CMA CGM SCANDOLA on Monday, January 29, 2024

Sanwo-Olu in a post on his official X (formerly Twitter) account said,

• ‘’It is nice to start off the week with some great news today; the LNG-powered CMA CGM SCANDOLA, a 14,812 TEUs container vessel, has made history by berthing at the Lekki Deep Sea Port—the most modern and deepest seaport in Nigeria.
• ‘’The CMA CGM SCANDOLA is the first LNG-powered container vessel to sail to West Africa, arriving in Tema before making its mark at Lekki Port. It is important to note that the Lekki Deep Sea Port is the only port in Nigeria with the facilities to receive such large container vessels.
• ‘’I’m proud of the Lekki Deep Sea Port, Lekki Freeport Terminal, and CMA CGM for elevating Nigeria’s maritime industry. The key to economic prosperity lies within the Lekki Economic Zone.’’

In his address, Sanwo-Olu affirmed that the accomplishment of Lekki Port in welcoming the largest LNG-powered container vessel, CMA CGM SCANDOLA, within just one year, has enshrined the names of Lagos and Nigeria as significant players in global port transactions.

Sanwo-Olu said the grand arrival of the vessel was a milestone that positions Lagos as a major mover in the world’s maritime trade.

He also emphasised the transformative role of Lekki Port, in putting Lagos and Nigeria on the map of global

Highlighting the historical significance, Sanwo-Olu acknowledged the foundational role of Lekki seaport in developing Apapa and Tin Can ports.

He reiterated President Bola Ahmed Tinubu’s economic goals, emphasising the crucial role of maritime and port business in driving the nation towards a $1 trillion economy by 2030.

Sanwo-Olu also expressed the determination to make Lagos the safest part of sub-Saharan Africa, fostering an environment where businesses thrive and investments are secure.

• The Governor said, “I think it’s a big feat. It’s something that we really need to roll out drums and get proud of because what that is about is about, indeed, we’re putting Lekki Freeport, we’re putting Lagos, we’re putting Nigeria into the world’s global logistics marine business.
• -“This is a business that has been a privilege to a few countries, developed countries in America, in Europe, in the Far East, in some parts of Africa as well.
• ‘’But now, given the size of the business that can come to our community, the Lekki Freeport and the Lekki Port itself, have put and enshrined our name as one of the big movers of port transactions in the world.”

What you should know

• Lekki Port LFTZ Enterprise Limited (LPLEL) is a joint venture enterprise owned by Lekki Port Investment Holdings Inc (China Harbour Engineering Company Ltd. and Tolaram); 75%, The Lagos State Government; 20% and the Federal Government of Nigeria through the Nigerian Ports Authority (NPA); 5%.