Yemisi Izuora
Barring all unforeseen circumstances, the $1.5 billion Lekki Deep Seaport, In Lagos State would officially be inaugurated by President Muhammadu Buhari in January 2023.
This is according to the Lagos State Governor, Babajide Sanwo-Olu, while addressing the bi-annual Non-Oil Export Summit held in Lagos.
He promised also that the state government will continue to provide the space and opportunities for businesses to thriv.
He said that work on the Lekki Deep Seaport had been completed and that the project would be inaugurated by the President in January 2023, to finally provide enormous opportunities for exporters to ply their trade and improve the export earnings of the country, especially in the non-oil sector.
He urged stakeholders to continue to promote a public-private partnership that will drive growth.
Already, the landlocked countries of Chad, Mali and Niger Republic have indicated interest of routing their cargoes through Nigeria, when the the Lekki Deep Seaport begins operation.
What You Need To Know About The Project
The development of Lekki Deep Sea Port has been conceptualised on the basis of a significant gap in projected demand and capacity. Market studies indicate that the demand for containers is expected to grow at a CAGR of 12.9% up to 2025.
However, given the expansion constraints on the existing infrastructure, the capacity in Lagos is incapable to meet the growing demand. The capacity shortfall for container terminal facilities in Lagos is projected to be 0.8 million TEUs in 2016 going up to 5.5 million TEUs in 2025. The strategic location, flexible and optimised layout and modern facilities provide Lekki Port a distinct competitive edge over any other port facility in the West African region.
In addition to bridging the capacity deficit, Lekki Deep Sea Port will have significant positive impact estimated at USD 361 billion over the term of concession. It is expected to contribute more than USD 200 billion to the government exchequer and create close to 163,000 new jobs. Furthermore, Lekki Port will spur the economic development around the Lekki sub-region and the wider Lagos State through rapid industrialisation.
The Project enjoys a development structure that is first of its kind in Nigeria. This is the single largest private investment in infrastructure in Nigeria being developed on project finance basis with majority of financing being raised internationally. Success of this project will pave the path for further foreign direct investment in the country in the infrastructure sector.
Benefits Of The Free Trade Zone
Lekki Port also enjoys a whole host of benefits since it has the license to operate as a Free Trade Zone entity under the NEPZ Act.
Key benefits include:
- Complete holiday from all federal, state and local government taxes, rates, and levies.
- Duty free importation of capital goods, machinery/ components, spare parts, raw materials and consumable items in the zones.
- 100% repatriation of capital, profits and dividends.
- Permission to sell 100% of goods into the domestic market.
- For prohibited items in the custom territory, free zone goods are allowed for sale provided such goods meet the requirement of up to 35% domestic value addition.
- Direct economic impact
- 169,972 jobs to be created from Port operations.
- Approximately US$ 20 bn t be spent on employee salaries
- Revenue to state and federal agencies from taxes, royalties and duties will amount to approximately US$ 201 bn
- Catalytic economic impact
- Direct and induced business revenue impact of US$ 158 bn
- Qualitative impact on Manufacturing, Trade and Commercial Services Sector
- Lekki Port will have an aggregate impact of approximately US$ 361 bn on Nigerian economy over the term of concession
- Project offers a multiplier effect of more than 230 times of total cost
Police Arrests Herbalist After Failed Charm Killed Client
Richard Ginika Izuora
The Police in Enugu, has arrested a herbalist after allegedly shooting his client.
Police said the 23-year-old native doctor, Odoh Emmanuel, shot and killed his client, Onunze Benedict, while testing gunshot charms at his shrine.
The incident occurred at Umuaram community area of the State.
The state Police Public Relations Officer, Daniel Ndukwe, in a statement, said 16 other suspects were arrested for various offences ranging from conspiracy, armed robbery, abduction, car snatching, unlawful possession of firearms among others.
Emmanuel, after committing the crime, was arrested after the case was reported to the Isi-Uzo Police Division.
According to Ndukwe, the suspect, during interrogation, confessed to have used a locally-fabricated single-barreled gun to shoot and kill Benedict at his shrine in Umuaram community, while testing the gunshot protection charm he had prepared for him.
“The gun has been recovered, while further investigation is ongoing at the Homicide Section of the State Criminal Investigation Department Enugu,” the PPRO said.
He also added that two firearms, one live cartridge, three mock guns, a Sino truck loaded with 789 bags of cement, mobile phones, ATM Cards, pieces of wrappers, clothes and other incriminating exhibits, were recovered from them.
Ndukwe also confirmed the arrest of Everest Ayokalam, 48, Anayo Akakem, 33, Iwuanyanwu Kelechi, 32, Uchenna Iwuoha, aka Uchewinde, 47, and Gospel Nnorom 32, for involving in a case of conspiracy, armed robbery, abduction and attempted murder.
