$200 Billion From One Port? Lekki’s Big Promise, According to Oyetola

By: Oluwaseun Lawal

It’s early morning in Lagos. The city’s already buzzing, traffic crawling, and the air thick with the usual mix of hope and hustle. But inside a quiet breakfast meeting—organized by the Nigerian Chamber of Shipping, with Lekki Port folks in tow—something big is being discussed. Something that could change the story of Nigeria’s economy for decades.

Mr. Adegboyega Oyetola, the Minister of Blue and Marine Economy, stands up. He’s got that calm, measured way of speaking. Not too flashy, but you can tell he means business. He drops a number that makes a few people in the room sit up straighter: $200 billion. That’s how much, he says, the Lekki Port is expected to bring in for the government over the next 45 years. Not million. Billion. It’s the kind of number that makes you pause, maybe even spill your coffee.

Now, Lekki Port isn’t just another port. Since it started commercial operations, things have been shifting. The old headache of port congestion in Lagos? It’s easing up. Not just in Lagos, but in other ports too. Cargo moves out faster. Investors are starting to look at Nigeria with fresh eyes. There’s a new sense of possibility in the air.

Oyetola talks about infrastructure. He says the port is world-class, and you can almost hear the pride in his voice. Roads have been built—critical ones, linking the port straight to major highways. No more endless delays, no more cargo stuck for days. The Federal Government, he says, has been right there, making sure things don’t get jammed up. Lagos State and private partners have chipped in too. It’s a team effort, and it’s working.

But here’s the kicker: Lekki Port is only running at 20% of its capacity. That’s right. Just a fifth. Imagine what happens when it really gets going. Oyetola says there are “vast untapped opportunities” for investors, operators, and service providers. The message is clear—if you’re looking for where the next big thing in African logistics might happen, this is it.

He doesn’t stop there. Oyetola lays out the five pillars that make Lekki Port special. Strategic location, right at the heart of West Africa. Strong public-private partnerships—no one’s going it alone. Integrated transport links, not just by road, but rail and inland waterways too. Supportive policies and investment incentives, to make sure the business climate stays friendly. And finally, technology. The port runs on systems that deliver speed, transparency, and efficiency. No more old-school bottlenecks.

He gives a nod to the Nigerian Chamber of Shipping, thanking them for pushing the maritime industry forward. But he’s got bigger plans. The government, he says, wants to take what’s working at Lekki and spread it across the country. Modernize Apapa. Upgrade Onne, Calabar, and Rivers ports. Build a network of modern, efficient gateways. It’s ambitious, but you get the sense he believes it’s possible.

Wang Qiang, the Managing Director of Lekki Port, steps up next. He’s got numbers too. The port, he says, could impact the economy to the tune of $361 billion over 45 years. That’s 230 times what it cost to build. And the tech? State-of-the-art. Post Panamax Ship-to-Shore Cranes, unloading ships twice as fast. Less waiting, lower costs, more trade. Simple.

Qiang points out that Lekki Port is already a regional hub. Transshipment operations started in 2023. Nigeria, he says, is ready to win back maritime business lost to other West African countries. Even landlocked neighbors will benefit. It’s not just about Nigeria anymore—it’s about the whole region.

Abubakar Dantsoho, head of the Nigerian Ports Authority, chimes in. Projects like this, he says, need serious resources. No shortcuts. But the payoff? Huge.

Aminu Umar, President of the Nigerian Chamber of Shipping, wraps it up. He calls the new Ministry of Marine and Blue Economy a visionary move. Shipping isn’t just about moving goods, he says. It’s central to national prosperity. And with Lekki Port, Nigeria’s showing what’s possible when vision meets action.

So, $200 billion. It’s a big number. But maybe, just maybe, it’s not just a dream. Maybe it’s the start of a new story for Nigeria’s economy—one that’s just getting started.