FG targets $201bn in taxes, duties from Lekki seaport – Newstrends
Connect with us

Business

FG targets $201bn in taxes, duties from Lekki seaport

Published

2 years ago

on

Minister of Information, Alhaji Lai Mohammed

Minister of Information, Alhaji Lai Mohammed, has said the Lekki Deep Seaport when completed will make Nigeria regain the maritime business that it lost to ports in Togo, Cote d’Ivoire and Ghana.

According to the Minister, it would also be a big boost for Nigeria in its quest to take advantage of the implementation of the African Continental Free Trade Agreement (AfCFTA).

The minister who said this during a tour of the Lekki Deep Seaport, also estimated that over $201bn in taxes, royalties and duties would be generated for the Nigerian government when the port commences operations in the fourth quarter of 2022.

He said the aggregate impact of the Lekki Deep Sea Port put at $361bn in 45 years would be over 200 times the cost of building the port.

According to him, the deep seaport would be a game changer because of the impact it would have on the nation’s economy when completed.

“The investment is huge – $1.53bn on fixed assets and $800 million on construction. In addition, it will create 169,972 jobs and bring revenues totalling $201 billion to state and federal governments through taxes, royalties and duties.

“The direct and induced business revenue impact is estimated at $158 billion in addition to a qualitative impact on manufacturing, trade and commercial services sector,” he added.

READ ALSO:

Speaking further, the minister said: “The Lekki Deep Sea Port, a build, own, operate and transfer concern, is a massive project, a game changer and a pace setter. It is the deepest sea port in Nigeria and West Africa, and that in itself is a unique advantage.

“A major advantage we have to leverage is transshipment. With this port, Nigeria will become a transshipment hub and the revenue we are currently losing to our neighboring countries will come here and that is big,” he said.

“As you know, this project is being done in phases. Phase one has reached 89 per cent and will be completed in September this year. The facilities here are first class. We have seven ships to shore cranes and 21 RTG cranes.

“No port in Nigeria currently has this. The excellent equipment is why this port can do 18,000 twenty-foot equivalent unit (teu), which is more than four times the number that can currently be handled by our other ports,” he averred.

Responding, the Managing Director, Lekki Deep Sea Port, Du  Ruogang, said the port would change the economic landscape of Nigeria and West Africa at large.

He said the Lekki port would soon become a central hub for the West African region.

Also, the Executive Secretary, Nigerian Shippers Council, (NSC), Emmanuel Jime, described the port as a game changer for the Nigerian economy, but stressed the need for critical infrastructure to be developed to ease evacuation of cargoes out of the port.

“We need to map out modalities on how we can evacuate cargoes out of the port so that we do not have a replica of Apapa and Tin Can ports,” he said.

“This visit is the second we are making to this area within a month, coming after our trip to the Dangote Petroleum Refinery and Petrochemicals as well as the Dangote Fertilizer on April 3rd 2022,” he added.

Related Topics:
Advertisement

Business

Naira depreciates again, trades at N1,402/$

Published

8 hours ago

on

May 3, 2024

By

Naira depreciates again, trades at N1,402/$

The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71

READ ALSO:

This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.

However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.

Naira depreciates again, trades at N1,402/$

Continue Reading

Auto

Appeal court takes over NURTW case as NIC withdraws

Published

2 days ago

on

May 1, 2024

By

Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.

Continue Reading

Business

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Published

2 days ago

on

May 1, 2024

By

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.

Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.

Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.

READ ALSO:

The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.

News prices includes: DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from N12,500 to N15,700; Confam from N7,400 to N9,300, among others.

For GOtv users, Supa+ increased from N12,500 to N15,700; Supa moved from N7,600 to N9,600; Max from N5,700 to N7,200; Jolli, from N3,950 to N4,850, among others.

Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages

Continue Reading

Trending

Skip to content