Economy
Lekki Deep Seaport access road boosts maritime confidence
Inauguration of Lekki Deep Seaport access road strengthens stakeholder confidence, promising seamless cargo flow and growth in Nigeria’s maritime sector.
Inauguration of Lekki Deep Seaport access road strengthens stakeholder confidence, promising seamless cargo flow and growth in Nigeria’s maritime sector
Lekki Deep Seaport access road is now a symbol of renewed confidence in Nigeria’s maritime sector, according to the management of Lekki Port LFTZ Enterprise Limited.
Also read: FG To Begin Construction Of Bonny Deep Seaport
The 37-kilometre road, inaugurated recently by President Bola Tinubu, links the Lagos Free Zone at Ibeju-Lekki to Eleko Junction, easing connectivity to the Dangote Refinery and Fertiliser Plant.
The road’s commissioning marks a turning point for the deep seaport, long seen as a potential gateway to expanded trade in West Africa. Speaking on the development, Managing Director of Lekki Port, Wang Qiang, described the project as both historic and strategic.
He explained that the road has solved one of the biggest concerns for the port—poor access. According to him, improved logistics now enable stakeholders to import and export goods with greater ease and reliability, which will ultimately strengthen trade performance and economic growth.
“The access road will enhance the port’s efficiency by facilitating seamless cargo evacuation from the port, thereby positively boosting trade and economic growth,” Qiang stated.
He recalled that the idea of the Lekki Free Trade Zone was first conceived by President Tinubu during his time as Lagos State governor, making the road’s completion a symbolic milestone.
Alongside this development, Wang highlighted the federal government’s recent approval for the construction of the 7th Axial Road and the ongoing Lagos-Calabar Coastal Highway project as further evidence of Nigeria’s resolve to improve its transport infrastructure.
Lekki Deep Seaport stands out not only for its scale but also its technical capacity. With a depth of 16.5 metres, it is the deepest seaport in Nigeria and can accommodate vessels carrying up to 18,000 Twenty-foot Equivalent Units (TEUs).
Wang noted that the port’s modern automation and advanced facilities also mean goods can be cleared between five and seven days—among the fastest turnaround times in the country.
As Nigeria positions itself as a maritime hub for West Africa, the Lekki Deep Seaport continues to attract attention from investors and global partners. The access road’s completion adds to the port’s appeal and strategic importance.
Also read: 2022 Budget: Lagos Targets ₦1.2trn Revenue
Wang concluded by reaffirming the port’s commitment to work with government and stakeholders to promote a viable, efficient maritime ecosystem. He expressed hope that these collective efforts will place Nigeria firmly on the global maritime map.
Cash outside Nigerian banks rose to N4.92tn in September 2026 as Nigeria’s broad money supply increased to N146.6tn, CBN data show
Cash outside Nigerian banks rose to N4.92tn in September 2026, an increase of N48.73bn from the N4.87tn recorded in August, according to monetary data published by the Central Bank of Nigeria.
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The latest figures also showed an expansion in Nigeria’s broad money supply, which increased to N146.6tn in September from N139.09tn in the previous month.
The growth represents an increase of N7.51tn within one month, reflecting a broader expansion in the amount of money circulating across the economy.
The CBN data further showed that narrow money, which consists of currency in circulation and highly liquid deposits, rose to N44.05tn in September from N43.11tn in August.
Cash held outside banks refers to physical currency kept by individuals and businesses rather than within the banking system.
Broad money, by contrast, covers a wider range of monetary assets, including cash, demand deposits, savings and time deposits, as well as foreign currency deposits.
Nigeria’s broad money supply increased by 18.3 per cent between January and September, rising from N123.95tn to N146.6tn, the data indicated.
The latest increase followed the CBN’s decision in September to reduce its benchmark interest rate by 350 basis points, bringing it down from 26.5 per cent to 23 per cent.
The reduction was reported as the largest cut in the benchmark rate since December 2006.
Despite the rate cut, the Monetary Policy Committee retained the Cash Reserve Requirement for commercial banks at 45 per cent and merchant banks at 16 per cent.
The committee also maintained the 75 per cent reserve requirement on non-Treasury Single Account public-sector deposits.
The Cash Reserve Requirement determines the proportion of eligible deposits that banks must hold as reserves with the central bank.
It is one of the monetary policy tools used to influence banking-sector liquidity and credit conditions.
The rise in cash outside Nigerian banks formed part of the broader increase in money supply.
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However, the figures alone do not establish why households and businesses held more physical cash or how much of the increase was driven by spending, savings behaviour or other economic factors.
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