Funding Gaps & Corruption Stall Nigeria’s Port Expansion
Unlocking Nigeria’s Maritime Potential – Lessons from Lekki and Beyond
Lekki Leads, Others Lag
THE Lekki Deep Seaport, Nigeria’s marquee maritime project, stands as a rare success story amid widespread stagnation. While operational, it functions at just 20% of capacity. Across the country, seven other proposed deep-sea ports, including Badagry, Ibom, and Bonny, remain uncompleted due to a combination of funding shortages, weak hinterland connectivity, and policy gaps. Industry experts warn that this delay has allowed neighboring ports in Ghana, Togo, and Benin to capture Nigerian-bound cargo, leaving the nation at a competitive disadvantage.
Investment Hurdles and Economic Risks
Developing a deep-sea port requires billions in foreign investment. Dr. Dantsoho of NPA underscored that Nigeria’s local financing cannot meet the scale, with projects like Badagry needing $3.7 billion. Investors demand guaranteed cargo and predictable returns—conditions often unmet due to cargo diversion and operational inefficiencies. Even projects approved by the Federal Executive Council, such as the Ibom Deep Seaport ($4.6 billion) and Olokola port by Dangote Group, face slow progress, illustrating systemic barriers.
Operational and Governance Bottlenecks
Legacy ports suffer from shallow depth, congestion, manual operations, and prolonged vessel turnaround times averaging seven days. Such inefficiencies drive shipping lines to neighboring countries. Analysts highlight that governance issues, overlapping licenses, and lack of transparent concession frameworks compound the challenge, eroding investor confidence and slowing development.
Proposed Solutions: Prioritization and Clustering
Dr. Eugene Nweke advocates for a Prioritisation Matrix Framework to rank port projects by feasibility, cargo potential, and connectivity. Unviable ports could be converted into maritime service hubs, including dry docks, ship repair yards, and bunkering facilities, reducing capital burdens while stimulating private participation and skilled employment. Cluster-based port development, transparent PPP frameworks, and strategic cargo allocation are key to creating commercially viable maritime infrastructure.
Call for Policy Coherence and Anti-Corruption Measures
Experts like Taiwo Fatomilola stress that corruption and inflated project costs remain critical impediments. Eliminating these inefficiencies, along with policy-backed infrastructure improvements, is essential to attract investors and ensure existing ports reach operational efficiency. Dr. Muda Yusuf advises that Nigeria must focus on operationalizing Lekki and legacy ports before pursuing new deep-sea projects.
Conclusion
Nigeria’s maritime ambition is achievable but requires disciplined investment, structural reforms, and strong governance. Only through targeted, commercially viable port development, coupled with transparency and private-sector confidence, can Nigeria reclaim its leadership in West and Central African maritime trade.
