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AP National Business

Nigeria bets on Chinese-funded port to drive economic growth

KIFI
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Published 3:52 AM

By CHINEDU ASADU
Associated Press

ABUJA, Nigeria (AP) — Nigeria’s president has marked the opening of a $1.5 billion, Chinese-funded deep seaport in the commercial hub of Lagos that authorities hope will help grow the West African nation’s ailing economy. Lagos Gov. Babajide Sanwo-Olu said Monday that the Lekki Deep Sea Port will be one of the biggest in West Africa and will create hundreds of thousands of jobs in addition to easing cargo congestion that costs billions of dollars in annual revenue. The port will be operated as a joint venture between Nigeria, the state of Lagos, a Singapore-based company and Chinese state-owned company. An analyst says the port has “immense potential” for the economy of Nigeria but that existing challenges must be addressed for that to happen.

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