Nigeria Launches a $1 billion Deep Sea Port.
Nigeria recently opened a billion-dollar deep seaport in Lagos that was constructed by the Chinese. This port is designed to relieve congestion at the nation’s ports and assist Nigeria develop into an African hub for transshipment, handling shipments traveling to other locations.
Building infrastructure has become a cornerstone of President Muhammadu Buhari’s economic strategy in the expectation that it will assist his party win votes in the upcoming presidential election.
The Nigerian Ports Authority and the Lagos State Government jointly control the remaining 25% of the new Lekki Deep Sea Port, which is held by the China Harbour Engineering Company and Tolaram group to the tune of 75%.
“This is a groundbreaking, game-changing project. At least 200,000 jobs might be generated by this project “Cui Jianchun, the Chinese ambassador to Nigeria, told Reuters following the port was commissioned by Buhari. China is among the largest bilateral lenders to Nigeria and has funded rail, roads and power stations.