Buhari Okays N90b for Economic Zones

• Buhari Okays N90b for Economic Zones

President Muhammadu Buhari yesterday said the Federal Government has approved N90 billion to develop Special Economic Zones (SPZs) across the country in line with administration’s economic development plans.

Speaking during the official flag-off of construction work of Lekki Deep Sea Port in Lagos, he said the approval was initiated to promote port facilities, export, facilitate trade and boost economic development.

Represented by Vice President Yemi Osinbajo on the occasion, the president commended the promoters of Lekki Deep Sea Port for embarking on the major construction works at the Lekki Port LFTZ Enterprise (LPLE), in Lagos to make Nigeria the hub of maritime activities in sub Saharan Africa.

The facility, estimated to cost over $1.5billion and located within the LFTZ, Buhari said, is expected to be one of the most modern ports, supporting the burgeoning trade across Nigeria and the entire West Africa as well as providing the connection to global shipping network.

He said upon completion, the facility would be one of the deepest in West Africa, with 16.5-meter water depth, and one of the most modern, efficient ports with capacity to berth Panamax and Post Panamax vessels, very Large Crude Carriers (VLCC) and Ultra Large Crude Carriers (ULCC), thereby making Lagos the trans-shipment hub for West and Central Africa.

The significant of the project, he said, is to increase government earnings and generate employment for Nigerians.

He said Senator Gbenga Ashafa, representing the Lagos East, was the secretary to the land use committee as at the time the Lekki Deep Sea Port land was given to the promoters of the project.

He commended the Minister of Transport Rotimi Amaechi, Nigerian Ports Authority (NPA), Tolaram Group, China Harbour and the Lagos State government for their commitment to the project.

Governor Akinwunmi Ambode said the state government is passionate about the project and assured the promoters of the project of the support of the government and the good people of Lagos state.

Represented by his Deputy, Alhaja Idiyat Odubule, the governor said the project is being promoted by Tolaram Group, and the Nigerian Port Authority, with Lagos as equity investors.

In her speech, NPA Managing Director, Ms Hadiza Bala Usman said the first presidential approval for the project was received in 2002.

“However, due to changes in government, legislations, management of the maritime sector and other exigencies, the concession agreement was only signed in 2011. The Federal Executive Council in 2014 there after ratified the approval that was earlier granted by the president.