The Lekki deep sea port in Nigeria, which began operations in April 2023 and covers 90 hectares, can accommodate 2.5 million containers a year. The general manager of the Lagos Free Zone, Tejaswi Avasarala, has highlighted the importance of the port in bilateral trade with India, according to India Times.
“India is the largest trade partner for Nigeria in the world, and Nigeria is the largest trade partner for India in the African continent, the bilateral trade is currently about $13 billion in 2023, both the countries are already flourishing with more than 130 Indian companies that are present locally in Nigeria, with a cumulative investment stock of about $30 billion,” Avasarala said.
He further said, “About 60% to 70% of the total capacity of all Nigerian ports combined is handled by the first phase, which is presently in service and has a capacity of 1.2 million containers annually”
"We have also handled Nigeria's first transshipment vessel," Avasarala went on. In addition, we handled the first LNG-powered vessel in Nigeria. By 2024, we anticipate closing at a throughput of 400000 TEUs annually, or around 25% of the country's overall container market. And for a new port that has just been operating for eighteen months, that is a major ramp-up.
The first private free trade zone in Nigeria, supported by the Singapore-based Tolaram Group, plans to go public on the stock exchange of the most populous country in Africa.