Earlier this week, President Muhammadu Buhari inaugurated the long-awaited $1.5 billion Lekki Deep SeaPort, a public-private partnership in infrastructure development that is expected to contribute over $361 billion in economic impact in 45 years.
The port is the first deep sea port in Nigeria and West Africa. It is under a 45-year Build, Own, Operate and Transfer (BOOT) concession model. Among the expected revenue streams from the project are duties, royalties, and taxes of upwards of $201 billion, as well as a direct/indirect business impact of $158 billion.
Right before the elections: It is important to note that this project, and many others like it, are strategically being commissioned just as the 2023 general elections draw nearer.
The Buhari administration, which has survived 2 recessions and increased unemployment, has made its infrastructure spending a major point of the campaign for the ruling All Progressive Congress(APC) party ahead of the elections scheduled for February 25.
Other projects: Over the past weeks and months, the President has been on a binge of project launches. First, there was the Kolmani Development Project, the first oil project in Northern Nigeria to explore and refine crude oil in Northern Nigeria. Others include the Imota project and the 32-metric tonnes per hour Lagos Rice Mill located, etc.
Let’s take a closer look at each of these projects brlow.
- Kolmani Integrated Development Project: President Buhari inaugurated the Kolmani Development Project to explore and refine crude oil in Northern Nigeria at the Kolmani oil field site, Alkaleri in Bauchi State. The project is executed through the Oil Prospecting Lease (OPL) 810 and 809 to drill oil in Northern Nigeria. President Buhari added that NNPC Ltd. and its partners attracted an investment of $3 billion to this project.
- Eyemark Digital Application: The President launched a digital application tool called the Eyemark, to promote sustainable development by creating a digital application that enables citizens to monitor and evaluate capital projects in real-time.
- Kogi State Projects: The President in a recent trip to Kogi State in Central Nigeria launched the Agassa -Upogoro- Benin road and the newly built Palace of Ohinoyi of Ebiraland. Also inaugurated was a world-class Reference Hospital.
- Yobe Cargo Airport: Earlier this month, President Buhari on a trip to Yobe state inaugurated the Yobe Cargo Airport named after him, expressing it as a “singular honour and privilege to commission” a project named after him. Also on the Yobe trip, the President inaugurated the newly built Police Headquarters, Police Ultra-modern Market, and Maternal and Child Healthcare Complex.
- Lekki Deep Seaport: President Buhari inaugurated the first deep seaport in Nigeria, the Lekki port, which is a Public-Private partnership expected to contribute over $361 billion in economic impact expected in 45 years.
The project cost $1.5 billion in assets and $800m on construction in all Phases, with an Economic impact of $361 billion through Revenue from duties, royalties, and taxes $201bn, Direct/Indirect business impact: $158bn), creating 169,000 Direct/Indirect jobs.
The Nigerian Government owns 5%, The Lagos Government at 20% and the Lekki Port Investment Holding Inc owns 75% through the Special Purpose Vehicle (SPV- Lekki Port LFTZ Enterprise Limited).
- Imota Rice Mill: This week, he commissioned the long-awaited 32-metric tonnes per hour Lagos Rice Mill located in Imota, Ikorodu, a suburb of Lagos.
The mill is a two x 16 metric tonnes per-hour mill standing on an area of 8.5 hectares of land with an annual paddy requirement of over 240,000 metric tonnes to produce 2.5 million bags of 5OKg rice per annum.
It is located in an area of land of about 22 hectares big, with the mill itself occupying 8.5 hectares. The rest of the land is to be used for an industrial park and is regarded as the largest mill in Africa and the third-largest mill in the world.
- Lagos Blue Line: Also on his Lagos trip, the President inaugurated the first metro line in Nigeria, the Lagos Blue Line.
The Line is expected to be one of six the metro lines identified in the Lagos Rail Mass Transit (LRMT) master plan, with a first phase consisting of a 13 kilometres stretch from Marina to Mile 2 and has five stations — the Marina Iconic station; National Theatre; Orile-Iganmu; Suru-Alaba and Mile 2.
The President took a test ride on the train with Governor Sanwo-Olu and Deputy Gov. Dr Obafemi Hamzat. The Lagos Governor added that when Phase 1 starts running fully “we envisage that it will transport a quarter of a million Lagosians daily, rising to half a million daily when the entire corridor is completed”
