Nigeria opens ‘sport changer’ billion-dollar deep seaport in Lagos | Enterprise and Financial system Information

A lot of Nigeria’s current seaports, inherited from the colonial administration, now not perform correctly.

Nigeria has opened a billion-dollar, Chinese language-built deep seaport in Lagos, which is anticipated to ease congestion on the nation’s ports and assist it grow to be an African hub for transhipment, dealing with cargoes in transit for different locations.

President Muhammadu Buhari, who inaugurated the port on Monday, has made constructing infrastructure a key pillar of his authorities’s financial coverage and hopes this may assist his ruling social gathering win votes throughout subsequent month’s presidential election.

A lot of Nigeria’s seaports, inherited from the British colonial administration, are now not purposeful or function under capability. At the moment, most business exercise goes via the 2 in Lagos and two others in and round Port Harcourt, the nation’s oil capital, leading to regular gridlock and logistics points for imports and exports.

Native newspaper Punch reported Lagos Governor Babajide Sanwo-Olu as saying that “the dimensions of vessels that shall be coming right here might be as much as 4 instances the dimensions of vessels that presently berth at Tin Can and Apapa Ports [Lagos’s existing ports].”

The brand new Lekki Deep Sea Port is 75 % owned by the China Harbour Engineering Firm and Singapore’s Tolaram Group, with the steadiness shared between the Lagos state authorities and the Nigerian Ports Authority.

Authorities have stated the brand new port, constructed at a reported $1.5bn, is likely one of the largest in West Africa.

“This can be a transformative challenge, sport changer challenge. This challenge might create a minimum of 200,000 jobs,” Chinese language Ambassador to Nigeria Cui Jianchun advised Reuters after the port was commissioned by Buhari.

China is among the many largest bilateral lenders to Nigeria and has funded rail, roads and energy stations.

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