The Managing Director of the Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho, has presented President Bola Ahmed Tinubu's maritime policies to foreign investors at the World Ports Conference in London, highlighting what he described as investment-friendly government measures and substantial growth opportunities in Nigeria's port sector.
Dantsoho identified Nigeria's population of over 260 million people, rapid urbanisation, and infrastructure gaps at ports as key factors attracting investment. He noted that Nigeria's population has grown from 45 million at independence in 1960 to more than 260 million today, creating demand for expanded port capacity. He stressed that government alone cannot fund the development of larger and deeper seaports, making private investment essential across Africa. Dantsoho, who also serves as Vice-President of the International Association of Ports and Harbours and Chairman of the Port Management Association of West and Central Africa, told investors that Africa's untapped resources represent the best destination for ports investment.
The NPA chief highlighted the rapid pace of port development, pointing to the Lekki Deep Sea Port in Lagos as evidence. The facility, which cost 1.6 billion dollars and was funded by the Chinese government with China Harbor, was commissioned approximately three years ago. However, Dantsoho said the port's capacity has already been exhausted, demonstrating the urgent need for additional infrastructure investment to handle rising cargo volumes.
Dantsoho emphasized Nigeria's dominant position in West African trade, noting that most cargo arriving in the region ends up in the Nigerian market due to the country's large population relative to neighbouring states. He cited Ghana's population at 34 million, Côte d'Ivoire at 32 million, Benin at 14 million, and Togo at 9 million, contrasting these figures with Nigeria's scale. He said the growth in port capacity and cargo volumes allows the port authority to increase its revenue from these transactions.
For Nigeria's investors and businesses, expanded port capacity funded by private investment could improve import and export efficiency, while for savers and borrowers, successful port development projects may create economic growth opportunities and influence interest rate decisions by the central bank.