Nigerian President Muhammadu Buhari has inaugurated a serious water port in the commercial center of Lagos. This port is financed by China with a budget of 1.5 billion dollars. The pot terminal can handle at least 2.5 million standard 20-foot containers per year.
Lagos Governor Babajide Sanwo-Olu said on Monday that the Lekki port is one of the largest in West Africa and will create thousands of job opportunities in addition to reducing cargo congestion that costs billions of dollars annually.
75% of the project budget is being provided by Singapore-based Tolaram Group and the state-owned China Harbor Engineering Company. The rest is being paid by the Nigerian government and Lagos State.
Officials say the port would divert traffic from congested ports and boost revenues to more than $360 billion.
Nigeria is a major economy in Africa, but its growth is impacted by inadequate infrastructure. For example, although the country has six major seaports, the majority of imports are handled through only two ports, where congestion costs the country significant revenue.