The Lekki Deepsea Port says the facility is currently handling only about 20 per cent of its projected cargo throughput despite an installed capacity of 1.2 million TEUs.

The deputy managing director of the port, Daniel Odibe, made this known in an interactive session in Lagos on Thursday.

Mr Odibe attributed the shortfall to prevailing economic challenges that had impacted the port’s operations in recent times.

He said the port had initiated efforts to ramp up operations from 54,289 TEUs to 500,000 TEUs by the end of 2025.

Mr Odibe explained that the removal of fuel subsidies and the depreciation of the naira against major foreign currencies had also led to a decline in imports.

He, however, noted that cargo volumes were now gradually recovering.

The Lekki Port executive also explained that transhipment activities to ports in neighbouring and landlocked countries had similarly increased.

He said, “Lekki Port currently receives between 10 and 12 vessels every month, and Lekki Port transhipment operations have also increased substantially.

“Lekki Port is currently doing international transhipment to Togo, Ghana and Abidjan and some landlocked countries. We are picking up because the naira is gradually picking up.

“Volumes fell because of naira depreciation and the removal of the subsidy, and this caused a setback in our projection. As of 2023, when we started operations, we did 54,289 TEUs, and as of June of this year, we have done 222,000, and we are projecting 400,000-500,000 TEUs.”

Mr Odibe disclosed that the vessel turnaround time at Lekki Port currently stands at 48 hours, as against one hour and twenty-five minutes for truck turnaround time, while cargo dwell time is 16 days.

Also, its managing director, Qiang Wang, represented by Chief Operating Officer (COO) Young Xixiong, said Lekki Port would continue to raise the bar to international standards.

Mr Wang said the port would continue to push the envelope and set the bar higher to uphold its position as West Africa’s deepest seaport.

“The result of our unrelenting commitment to world-class standards is visible in the gigantic footprints we are putting on the map of maritime trade in Africa.

“This is by deploying technology, driving operational efficiency, and shaping regional trade.

“Also, it’s our commitment to the development of our host communities and the well-being of the inhabitants through our corporate social responsibility, which goes beyond donations,” Mr Wang said.

He said the port would continue doing a good job that would unlock more opportunities and deeper collaboration for the growth of the maritime sector.

(NAN)