Business Enquirer Issue 123 | Lekki Port | March 2024

LEKKI PORT: A CATALYST FOR CHANGE IN NIGERIA

LEKKI PORT’S

TRIFECTA OF GROWTH: A BEACON FOR INVESTMENT IN 2024

LEKKI PORT PROJECT

DIRECTED BY:

JAMIE WAITE

ARTICLE

WRITTEN BY:

LAURA WATLING

In a dynamic landscape where opportunities for investment abound, the confluence of development in the Lekki region stands as a beacon of promise and prosperity. Recent updates concerning the New Lekki Airport, the Lekki Deep Sea Port, and the progress on the Lekki Epe Expressway underscore the immense potential for growth and investment in this thriving economic hub.

Governor Sanolu’s recent meeting with the China Airport Construction Company (CACC) in Beijing signals a significant milestone in the realization of the ambitious Lekki airport project. With the CACC expressing keen interest in partnering with Lagos to bring this vision to fruition, investors can rest assured of the commitment to transform Lekki into a global aviation hub.

The commencement of the project in the first quarter of 2024 reaffirms the government’s dedication to infrastructural development, creating a conducive environment for investment.

The inauguration of the Lekki Deep Sea Port marks a monumental achievement in Nigeria’s maritime industry. Welcoming the LNG-powered CMA CGM SCANDOLA, the port has demonstrated its capability to accommodate the largest container vessels, solidifying its position as a key player in international trade. As the only port in Nigeria equipped to handle such vessels, the Lekki Deep Sea Port presents unparalleled opportunities for businesses and investors looking to capitalize on the country’s burgeoning maritime sector.

The ongoing expansion of the Lekki Epe Expressway further enhances connectivity

within the region, facilitating seamless transportation and logistics networks. With phase two of the project underway from Eleko junction to Abraham Adesanya, the government’s commitment to infrastructure development is evident. Moreover, the imminent commencement of the 4th Mainland Bridge project further underscores the strategic importance of the Lekki corridor in Lagos’ transportation blueprint.

For investors seeking to leverage the growth potential of the Lekki region, now is the opportune moment to act. Properties such as Tiara Estate Phase 2, Wura City, and Netoria Estate offer attractive investment prospects, strategically positioned to benefit from the burgeoning economic activities in the area. With infrastructure serving as the backbone of development, investments

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Our expertise lies in ensuring the seamless operation of essential machinery within the industry, including Ship to Shore cranes, Gantry Cranes, Spreaders, Reach Stackers, Empty Handlers, Forklifts, Terminal Trucks, and Harbour Trailers. By supplying high-quality parts and components, we contribute to the efficient and optimal performance of our clients' equipment.

We collaborate with renowned original component manufacturers such as Dana Spicer, Prysmian, Kessler, Tratos, Cavotec, AxleTech, ZF, Volvo, Cummins and ConductixWampfler, among others. Our product range encompasses transmissions, wire ropes, axles, hydraulics, cables, motors, filters, pumps, and other critical components vital for heavy-duty equipment.

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We are specialists in providing and supplying equipment, components, parts and logistics services to the Ports, Terminals & Maritime industry. With close to a decade’s experience in supplying bespoke and critical parts and components to the industry, we have built and established a sound reputation as a reliable partner to our clients worldwide.

TRANSMISSIONS AND AXLES

We are official distributors for Dana Spicer and distribute ZF and Allison transmission parts. We supply complete axle units and spare parts for Dana Spicer, Kessler, ZF and AxleTech.

WIRE ROPES & WIRE ROPE LUBRICATION

We provide superior high-quality wire ropes for Ship to Shore Cranes, Mobile Harbour Cranes, Rubber Tyre Gantry cranes and other heavy lifting equipment.

OUR PRODUCTS

ENGINES & HYDRAULICS

We supply engines and engine parts for port machines. Volvo and Cummins are among the engine manufacturers we supply. We distribute hydraulic pumps and motors used on heavy duty equipment such as Ship to Shore Cranes, Mobile Harbour cranes, Reachstackers

TRAILERS & BRAKES

We supply and distribute Harbour Trailers to the Port & Terminal industry

We supply high quality German manufactured brakes such as storm brakes, drum brakes and safety brakes used on heavy duty cranes in the port and mining industries.

TYRES & FILTERS

Our range includes filters for oil, air, fuel, hydraulics, pneumatics, liquids, dust removal and air-conditioning systems. We supply high quality tyres on all sizes for equipment such as Reachstackers, Empty Handlers, Forklifts, Terminal Tractors, Terminal Trailers andMobile Harbour Cranes.

SPREADERS & CABLES

We supply a complete range of cables; these include cables for festoons, spreader, reeling and a wide choice of energy and data cables. These cables offer high tensile strength, flexibility and perennial wear-resistance. +44

in real estate along the Lekki corridor promise high returns and long-term appreciation.

As Lekki emerges as a nucleus of economic activity and innovation, investors are urged to seize the moment and position themselves for success. The convergence of the New Lekki Airport, the Lekki Deep Sea Port, and the expanded Lekki Epe Expressway heralds a new era of growth and prosperity, propelling Lagos towards its vision of becoming a global economic powerhouse. With foresight and strategic investment, stakeholders stand to reap the rewards of Lekki’s transformative journey towards greatness.

Expanding upon these points, it’s essential to recognize the broader economic implications of the developments in the Lekki region. The New Lekki Airport, for instance, not only enhances transportation but also stimulates tourism and hospitality sectors. With increased accessibility, more tourists are likely to visit Lagos, boosting revenue for hotels, restaurants, and other related businesses. Additionally, the airport opens up opportunities for international trade and investment, as it facilitates easier movement of goods and people between Nigeria and other countries.

Similarly, the Lekki Deep Sea Port’s impact extends far beyond its immediate vicinity. As a major hub for maritime trade, the port has the potential to transform Nigeria’s economy by facilitating imports and exports on a large scale. Industries reliant on efficient logistics and supply chain management, such as manufacturing and retail, stand to benefit significantly from the port’s operations. Moreover, the port’s strategic location positions Nigeria as a key player in global trade routes, attracting foreign investment and fostering economic growth nationwide.

Furthermore, the expansion of the Lekki Epe Expressway not only improves transportation within the region but also promotes urban development along its route. As infrastructure improves, previously underdeveloped areas become more accessible and attractive for investment. This, in turn, spurs the growth of residential, commercial, and industrial sectors, creating employment opportunities and stimulating economic activity. Additionally, the 4th Mainland Bridge project holds immense potential for further enhancing connectivity and unlocking new areas for development in Lagos and its surrounding regions.

In conclusion, the confluence of development in the Lekki region presents unprecedented opportunities for investors and businesses alike. The New Lekki Airport, the Lekki Deep Sea Port, and the expanded Lekki Epe Expressway form a trifecta of growth, laying the groundwork for Lagos to emerge as a global economic powerhouse. By capitalizing on these developments and investing strategically in the region, stakeholders can contribute to sustainable economic growth and position themselves for long-term success. With careful planning and foresight, the journey towards Lekki’s greatness promises to be rewarding for all involved. www.lekkiport.com