China Has 75% of Lekki Deep Seaport and will be in charge for 45 years.
The Lekki Deep Seaport is a major infrastructure project in Nigeria that has been the subject of much debate. A Chinese consortium has developed it, which has raised questions about national sovereignty and the potential for economic exploitation.
It is essential to emphasize the importance of reminding Nigerians, who are often criticized for having short memories, about the government’s underperformance in infrastructure development in the country. Notably, Lekki Port Investment Holding Inc., an international consortium, has now obtained a significant 75% stake in the Lekki Deep Seaport.
This is a project that the All Progressives Congress (APC) used as a focal point in their campaign leading up to most controversial and fraudulent elections in the annals of our history.
This consortium comprises China Harbour Engineering Company Ltd., which holds a majority share of 52.50%, and Tolaram, which holds 22.5%. The remaining ownership is divided between the Lagos State Government, which holds 20%, and the Nigerian Ports Authority, which holds 5%.
Also, the Lekki Port, situated in the Lagos Free Trade Zone, was granted a concession by the Nigerian Ports Authority to operate for a remarkable period of 45 years under a build, own, operate, and transfer agreement. Notably, China Harbour Engineering Company Ltd., as the principal entity within the consortium, possesses over 50% ownership in the project.
Former President Muhammadu Buhari’s visit to Lagos marked the commissioning of both the rice mill and the Lekki Deep Sea Port. This two-day working visit saw the president undertake the important task of inaugurating the Lekki Deep Seaport, along with the Lagos Rice Mill and the Eleko-Epe rigid pavement six-lane motorway spanning 18.75 kilometres in Imota.
The Chinese consortium’s majority stake acquisition suggests that even after 60 years of independence, Nigeria remains under the influence of foreign powers like China
The Lekki Deep Seaport, strategically located along the West African coastline, is poised to become a crucial hub for international trade and maritime activities in the region. With its state-of-the-art facilities and deep draught, the port is well-equipped to accommodate large container vessels and handle substantial cargo volumes. This development will undoubtedly bolster Nigeria’s position as a key player in the global maritime landscape and stimulate economic growth in the country.
The investment from the Chinese consortium reflects China’s increasing interest and involvement in Nigeria’s infrastructure development. As Africa’s largest economy, Nigeria offers immense potential for mutually beneficial partnerships, and the Lekki Deep Seaport project stands as a prime example of such collaboration.
The Chinese consortium’s majority stake in the Lekki Deep Seaport is a major blow to Nigeria’s sovereignty. The port is strategically located along the West African coastline and is poised to become a crucial hub for international trade. With China’s majority stake, the country will have a significant say in how the port is operated and what its role is in the global economy. This could give China undue influence over Nigeria’s economy and lead to economic exploitation.
The Seaport is expected to generate significant revenue, but the majority of this revenue will go to the Chinese consortium. This means that Nigeria will miss out on a major source of potential revenue that could be used to improve the country’s infrastructure and economy. Additionally, the project is expected to create jobs, but it is unclear how many of these jobs will go to Nigerians. This could lead to further economic inequality in Nigeria.
The Lekki Deep Seaport is a complex issue with no easy answers. However, it is important to be aware of the potential negative consequences of the project so that Nigeria can make informed decisions about its future.
