FG approves N90 bn for development of special economic zones

President Mohammed Buhari on Thursday disclosed the Federal Government has approved N90 billion for special economic zones across the country in line with its economic  and growth plans of the government .
Disclosing at the flag off of the lekki Deep Seaport, the President said that the approval was initiated to fasten economic development including the Lekki Deep sea port.

President of the Federal Republic of Nigeria, Mohammadu Buhari

The President, who was represented by Vice President, Prof Yemi Osibajo also said the Lekki deep seaport project is a landmark project as it target 4.7 million containers annually when the project is in full operations.
He said “I am delighted to be here this morning for the flag off of the Lekki deep sea port prooject and being a landmark project for several crucial reasons, the first is that the promoters of this project are targeting about 1.5 million Twenty Equivalent Unit, TEUs, container capacity  annually.
“This is expected to grow to 2.7 million and 4.7 million TEUs when the project’s operations commence.
“With this feat the Lekki deep seaport will become one of  the largest deep water port in our region and serve as a hub for port operations for the whole of West Africa.
“And with all of the plan they that they have for developing it, we expect that it will probably be the largest in Africa.
“We expected that with the project construction, when completed, will influence the generation of up to 170 ,000 direct and indirect jobs in the economy.
“The promoters I am told also plans to  dredge the port channel to about 16 meters draft  which is not currently obtainable in any seaport or ant port for that matter in the country.
“This in itself is an indication that ships of larger size will now be able to visit the port and greater efficiency an economic  of scale will generate significant revenue for  the Nigerian economy with government earning a significant portion of it.
“The season reason why this project is a landmark event is with respect to our economic recovery and growth plan and its emphasis in supporting game changing infrastructure projects directed at making major impact on trade and commerce
“In the past two budgets, we have provided an aggregate of about N90billion for the development of special economic zones
“We are developing the Lekki Special Economic as a model specifically targeting exports .
“The development of the Lekki deep sea port is mission critical to achievement of the important objective of creating this special economic zone.
“The third reason is the commitment of  our economic philosophy to private sector leadership of our economic development efforts .
“This project I essentially private sector driven, the Tolaram group and China Harbours are the lead private sector participants in this project and their commitment to this project is commendable.
“The Nigerian Ports Authority and the Lagos State Government are the public sector  partners their duty is to create the enabling environment for the private sector businesses to strive.”
Earlier in her opening remarks, the Managing Director of the Nigerian Ports Authority, NPA, Ms Hadeza Bala Usman  said the agency will see to the timely completion of the project.