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Business News

Lekki Port to commence operations by 2022

The commencement of operation at Lekki Port has been postponed for the third time by the Lagos State Government.

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Completion of Lekki Port postponed again, politics linked to postponement 

 

The $1.65 billion Lekki Port is expected to commence operations by 2022 .This was disclosed by the Technical Director of Lekki Port Enterprises Limited, Steven Heukelom, who said the first commercial vessel would berth two years from now.

China Development Bank, Sanwo-Olu sign $629m facility to complete Lekki Deep Seaport, Completion of Lekki Port postponed again, politics linked to postponement 

Heukelom said, “After operational readiness, delivery, testing, and commissioning, the port will be ready to receive its first vessel.

Currently, the Lekki Port’s breakwater is reportedly about 50% complete. The Lekki Port is situated on 90 hectares of land at the centre of the Lagos Free Trade Zone. It will be the first deepwater port in West Africa.

Reason for series of postponement: Reasons for the postponement are not clear. As largely known in the political space in Nigeria, most ongoing projects met by new government are often paused, stopped or delayed by the current government; an example is the Lagos-Ibadan Expressway. The Lekki Port project was announced during former Governor, Babatunde Fashola’s tenure. Nairametrics reported in 2013 that the project would be a huge step for Lagos, a state already known as the commercial hub of Nigeria, and one of the largest economies in Africa.

[READ MORE: Ethiopia to build largest airport in Africa)

While it was reported that Lekki Port would debut in 2015, it, however, didn’t. In 2016, when the former Governor Ambode announced that it would finally be ready in 2019, many thought the end was near. The project, however, remained uncompleted until the end of his tenure last year. Now, the Lekki Port will not be ready until 2022 which is the end of Governor Babajide Sanwo-Olu’s first term.

Significance of the Lekki Port: The Apapa port has been a major problem for businesses. The traffic gridlock and delay of unloading at the Apapa Port has cost several companies millions of dollars while some have lost clients due to delay in shipment.

So, the Lekki Port is expected to be a succour to the Apapa Port operation. It is proposed to have 1.5km long breakwater, 6km long approach channel with 19.5m draught, 670m diameter turning circle and 1.5km long quay wall. According to a Nairametrics report, the Lekki Port will increase capacity in the first stage to 1.5 million containers yearly, graduating to 2.7 million and ultimately 4.5 million in about five to seven years of operation, to make up for the current huge capacity gap.

The economic impact is also a plus, as the Lekki Port will contribute more than $200 billion to the government while also creating close to 163,000 new jobs in the economy. Note that Lagos State Government signed a $629 million facility with the China Development Bank (CDB) for the completion of the Lekki Port project.

Steven Heukelom

Heukelom, who disclosed the operational period for the Lekki Port during a tour of the facility, challenged the Federal Government on infrastructural facilities as regards road network which has been a major concern for businesses at the Apapa port.

“Only the private sector cannot address this challenge. We are challenging the government to line up infrastructure and organise the traffic in this axis,” he urged.

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Reacting to the issue of the road network, the Relationship Director, Adesuwa Ladoja, disclosed that a national rail project discussion was ongoing with the Federal Ministry of Transportation in order to avoid the Apapa situation. She added, “These issues will be solved in an optimal manner. Proper plans have been put in place to ensure everything comes out fine. Already, we have seen big multinationals investing in the zone.”

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

1 Comment

1 Comment

  1. Olukayode Olaitan

    January 25, 2020 at 2:10 pm

    Without a functional rail link to the Lekki port, the port will be a curse and not a blessing to the economy of the state and the resultant traffic congestion will definitely contribute to diminishing the value of properties in the entire Lekki axis.

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Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Trove and Risevest currently offer their clients N491.68 and N486 to $1 respectively.

In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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