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Update : All set as Buhari inaugurates $1.5 billion Lekki Deep Seaport, first in Nigeria

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…..It ‘ll improve Nigeria port industry, promote int’l trade – CHEC Chairman

President Muhammadu Buhari will any moment officially commission the $1.5 billion Lekki Deep Seaport, first in Nigeria

As at 1.40 pm, dignitaries, including diplomatic corps have stormed the Lekki Deep Sea Port, venue of the commissioning awaiting President Buhari who is also billed to commission other iconic projects in Lagos.

Among the dignitaries in attendance include: Minister of Information and Culture, Lai Muhammed, Managing Director, MD, of Nigerian Ports Authority, NPA Mohammed Bello Koko, DirectorcGeneral DG, NIMASA, Bashir Jamoh and Executive Secretary, Nigerian Shippers Council, Emmanuel Jime, among others.

By its size and depth, the Lekki Deep Seaport is expected to be the game changer in West and Central Africa.

Other projects slated for commissioning are the 18.75km six-lane rigid-pavement Eleko Junction to Epe Expressway; the John Randle Centre for Yoruba Culture and History; and the MRS Lubricant Factory in Apapa

Buhari, on arrival with the Lagos State Governor, Bababjide Sanwo-Olu, will be conducted round the port’s 1.5km long main.

The seaport’s spanning over 600 meters, is enough for a vessel of up to 16,000 standard containers (TEU). The approach channel is 11 km long.

The Lekki Deep Seaport made history last year as it received the first-ever vessel (Zhen Hua 28) to berth at the port.

The port has three terminals: the container terminal, the liquid terminal, and the dry bulk terminal.

According to the promoters, the container terminal has an initial draft of 14 metres, with the potential for further dredging to 16.5 metres. The terminal is able to handle 2.5 million 20-foot standard containers per year.

The deep-sea port of Lekki is the first port in Nigeria with ship-to-shore cranes. It has three of these container gantry cranes; they belong to the “Super-post-Panamax” group – this means that they can reach and unload the rearmost row of containers even if the container ship is wider than the Panama Canal (49m or 160ft maximum boat beam).

The STS cranes have a fixed rail at the quayside. They can lift 65 tons in twin-lift mode, 50 tons in single-lift mode or 85 tons under a hook.

The port’s computerised system will allow container identification and clearance from the office, and human interaction will be minimal in the physical operations

When phase 2 is completed, the deep sea port will have three liquid berths. The liquid cargo terminal will handle vessels up to 45,000 DWT (dead weight tonnage) and can expand to reach a capacity of 160,000 DWT.

Liquids (like petrol or diesel) will be handled at a tank farm near the port. The docking area is equipped with loading arms. It is also connected by pipelines along the breakwater.

The bulk terminal with an available quay length of 300m can accommodate a Panamax class vessel (75,000 DWT).

Goodwill messages

Meanwhile, Chairman of China Harbour Engineering Company, CHEC, the project construction company,Tang Qiaoliang, said that the completion and commencement of operation of Lekki Deep Sea Port will improve the Nigerian port industry, easing the burden of cargo shipment flow, creating employments, and ultimately promote international trade in the nation.

Qiaoliang stated this at the official commissioning.

The CHEC Chairman explained that Lekki Port is the first deep sea port in Nigeria, a major trade hub in West Africa.

According to him, “Lekki Port is the first deep sea port in Nigeria, a major trade hub in West Africa. It will improve the Nigerian port industry, easing the burden of cargo shipment flow, creating employments, and ultimately promote international trade in the nation.

“As an international top-tier engineering contractor, investment operator, urban developer and ecological manager, CHEC insists to its philosophy ‘value-orientation’, commits itself to upgrading of ‘platform plus industrial leading’strategy.

“With such strategy, we see the opportunity in Nigeria, and believe in its potential.

“So we committed the adequate financial investments and essential technology, together with Nigerians in the construction and operation of the Port.

“Under the framework of the China Africa Forum and the Belt and Road Initiative, we look forward to establishing long-term strategic partnerships, in the infrastructure sector with the Federal Government of Nigeria.

“This will ultimately deepen the relations and cooperation between Nigeria and China, better serving the Nigerian people and its economy,” he noted.

Similarly, Chairman Tolaram, Mohan Vaswani in his goodwill message, commended both the State and Federal Government for their Corporation and dedication to the çompletion of the project.

Vaswani thanked President Mohammadu Buhari for “for creating an enabling environment for foreign investors to flourish in Nigeria.

“I must thank everyone who has been with us through thick and thin, Jending their support and encouraging us to make sure we deliver on this project. This kept us going even when it seemed there was no hope.

“Lagos State Government since the time of my good friend and brother, Asiwaju Bola Ahmed Tinubu’s government, through successive administrations up till the dynamic and hardworking Governor, Babajide Sanwo-Olu, has been with us forging a path together on this iconic project.

“At the Federal level and the parastatals, we have enjoyed strong cooperation from everyone.

“I also celebrate our partner, China Harbour Engineering Company for committing resources to the project which was a turning point for the project,” he noted.

Chairman Tolaram, Mr. Mohan Vaswani, in his address, said, “This Port being completed and commissioned is an important milestone for Tolaram and Nigeria and we are proud of our humble efforts to develop a world-class port in Nigeria.

“This significant milestone will definitely increase the economic well-being of Nigeria and its people and that is the mostimportantthing.

“This journey started in 2003 or so, when President Olusegun Obasanjo gave the approval for the port project to be developed. The journey has been challenging with so many hurdies but with God on our side, and the support of the President Buhari administration we have persevered and today we all have something to be proud of.

“Thank you Mr. President for creating an enabling environment for foreign investors to flourish in Nigeria. I must thank everyone who has been with us through thick and thin, lending their support and encouraging us to make sure we deliver on this project. This kept us going even when it seemed there was no hope.

“Lagos State Government since the time of my good friend and brother, Asiwaju Bola Ahmed Tinubu’s government, through successive administrations up till the dynamic and hardworking Mr. Governor, Babajide Sanwo-Olu, has been with us forging a path together on this iconic project.”

Chairman Lekki Deep Sea Port

The chairman of Lekki Port, Mr Biodun Dabiri, had earlier said: “From what I can see, in the next four to five years, the economy of the Lekki environs would be worth $25 billion which translates to N10 trillion – an investment amount almost similar to the whole budget of Nigeria.

“I can tell you that if we focus on this axis alone, the ranking of Lagos as one of the largest economies in Africa would be better; we could move from the 4th to 3rd, 2nd and eventually Number 1.”

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NDDC Prepares for Agric Summit, Meets Stakeholders, Says MD

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The Niger Delta Development Commission, NDDC, is hosting a two-day strategic meeting with commissioners, permanent secretaries, and directors of agriculture, fisheries & livestock in the nine Niger Delta states.

The meeting, which kicks off on Thursday in Port Harcourt, Rivers State, would be addressed by the NDDC Managing Director, Dr Samuel Ogbuku, who is expected to outline his plans for a retreat and agricultural summit for the Niger Delta region in line with President Bola Ahmed Tinubu administration’s agrarian programme.

An invitation extended to the stakeholders by the NDDC Director of Agric and Fisheries, Dr Winifred Madume, stated that the Commission was determined to make the Renewed Hope Agenda of the Federal Government a reality in the Niger Delta region by ensuring food security for the people.

Recall that the NDDC Chief Executive Officer had earlier assured that the Commission would align with the President’s vision for agriculture, to ensure that agriculture served as a platform for peace and security in the Niger Delta region.

Ogbuku promised: “Any time from now, the NDDC will convene a mini-agricultural retreat for state governments and commissioners of agriculture. States in the region have their various areas of strength in agriculture. We aim to establish regional agricultural integration, which will later evolve into a regional agricultural summit where a comprehensive master plan for the region’s agriculture will be developed.”

The Managing Director affirmed that the NDDC was engaging all stakeholders to ensure harmony and cooperation in developing the hitherto neglected Niger Delta region.

Reflecting on the Federal Government’s agricultural policies, Ogbuku stressed the need to bring them home to the Niger Delta region, noting that the NDDC would continue to promote policies and programmes that enhance food security and poverty reduction in the states .

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Update : Tinubu approves 15% import duty on petrol, diesel, aimed to protect local refineries

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President Bola Tinubu has approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria.

The initiative is aimed at protecting local refineries and stabilising the downstream market, but it is likely to raise pump prices.

In a letter dated October 21, 2025, reported publicly on October 30, 2025, and addressed to the Federal Inland Revenue Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Tinubu directed immediate implementation of the tariff as part of what the government described as a “market-responsive import tariff framework.”

The letter, signed by his Private Secretary, Damilotun Aderemi, and obtained by our correspondent on Wednesday, conveyed the President’s approval following a proposal by the Executive Chairman of the FIRS, Zacch Adedeji.

The proposal sought the application of a 15 per cent duty on the cost, insurance and freight value of imported petrol and diesel to align import costs with domestic market realities.

Adedeji, in his memo to the President, explained that the measure was part of ongoing reforms to boost local refining, ensure price stability, and strengthen the naira-based oil economy in line with the administration’s Renewed Hope Agenda for energy security and fiscal sustainability.

“The core objective of this initiative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria,” Adedeji stated.

The FIRS boss also warned that the current misalignment between locally refined products and import parity pricing has created instability in the market.

“While domestic refining of petrol has begun to increase and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers,” he wrote.

He noted that import parity pricing- the benchmark for determining pump prices, often falls below cost recovery levels for local producers, particularly during foreign exchange and freight fluctuations, putting pressure on emerging domestic refineries.

Adedeji added that the government’s responsibility was now “twofold, to protect consumers and domestic producers from unfair pricing practices and collusion, while ensuring a level playing field for refiners to recover costs and attract investments.”

He argued that the new tariff framework would discourage duty-free fuel imports from undercutting domestic producers and foster a fair and competitive downstream environment.

According to projections contained in the letter, the 15 per cent import duty could increase the landing cost of petrol by an estimated N99.72 per litre.

“At current CIF levels, this represents an increment of approximately 99.72 per litre, which nudges imported landed costs toward local cost-recovery without choking supply or inflating consumer prices beyond sustainable thresholds. Even with this adjustment, estimated Lagos pump prices would remain in the range of N964.72 per litre ($0.62), still significantly below regional averages such as Senegal ($1.76 per litre), Cote d’Ivoire ($1.52 per litre), and Ghana ($1.37 per litre).”

The policy comes as Nigeria intensifies efforts to reduce dependence on imported petroleum products and ramp up domestic refining.

The 650,000 barrels-per-day Dangote Refinery in Lagos has commenced diesel and aviation fuel production, while modular refineries in Edo, Rivers and Imo states have started small-scale petrol refining.

However, despite these gains, petrol imports still account for up to 67 per cent of national demand.

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JUST IN: Tinubu decorates Service Chiefs with new ranks

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President Bola Ahmed Tinubu has decorated the new Service Chiefs with their new ranks in the military to suit their new positions.

The newly decorated handlers of the nation’s Armed Forces include Lieutenant General, now General Olufemi Olatubosun Oluyede, as Chief of Defence Staff; and Major General now Lieutenant General Emmanuel Undiendeye Undiendeye as Chief of Defence Intelligence (CDI).

Others are Major General, now Lieutenant General Waidi Shaibu as Chief of Army Staff (COAS); Air Vice Marshal, now Air Marshal Kevin Aneke as Chief of Air Staff;

Service chiefs pledge improved security, local arms production, technology use

Tinubu last Friday announced the replacement of the Service Chiefs, a move that has been attributed to the need to refocus and strengthen national security.

While commenting on his action, President Tinubu, in a post on his verified X handle, charged the new military chief helmsmen to “deepen professionalism, vigilance, and unity within our Armed Forces as they serve our nation with honour”.

Tinubu decorates Service Chiefs with new ranks
Tinubu decorates Service Chiefs

President Bola Ahmed Tinubu has decorated the new Service Chiefs with their new ranks in the military to suit their new positions.

The newly decorated handlers of the nation’s Armed Forces include Lieutenant General, now General Olufemi Olatubosun Oluyede, as Chief of Defence Staff; and Major General now Lieutenant General Emmanuel Undiendeye Undiendeye as Chief of Defence Intelligence (CDI).

Others are Major General, now Lieutenant General Waidi Shaibu as Chief of Army Staff (COAS); Air Vice Marshal, now Air Marshal Kevin Aneke as Chief of Air Staff;

Service chiefs pledge improved security, local arms production, technology use

Tinubu last Friday announced the replacement of the Service Chiefs, a move that has been attributed to the need to refocus and strengthen national security.

While commenting on his action, President Tinubu, in a post on his verified X handle, charged the new military chief helmsmen to “deepen professionalism, vigilance, and unity within our Armed Forces as they serve our nation with honour”.

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