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‘Olokola Deep Seaport Will Boost Employment, Revenue’ - THISDAY

AUGUST 16, 2019

BY  Chinazor Megbolu

The Managing Director, Victory Energy Resources Limited, Mr. Sola Olatunji, has said the proposed Olokola Deep Seaport will boost employment opportunities and revenue for the country.

He explained the project would create over a million jobs and a source for revenue for economic growth.

He made this known during a chat with journalists in Lagos recently, while also pointing out that the project would be a major catalyst for economic growth, through direct and indirect jobs.

Olatunji, a major player in the maritime sector, also estimated that the deep seaport would earn the country over $9 billion annually.

He also highlighted other selling points for the project.

“Deep Seaport business is all about logistics. I just mentioned to you that out of about 20 vessels that come to West Africa daily, 17 comes to Nigeria.

“If this port is realised, all those vessels will come here (Olokola) for their maintenance, bunker and groceries. Do you know the implication? Do you know how much that will accrue to Nigeria daily from that?

“Do you know what only channelling activities to these vessels will do to this economy? We are talking of transactions that are all done in foreign exchange,” he said.

He further noted the Olokola River has the longest coast and deepest draught in Nigeria, hence would be able to take bigger vessels that cannot berth in Lagos and other River Ports in Nigeria.

Olatunji, noted that many ancillary services attached to shipping would help generate more jobs for the people as well as attract investors into the country.

“You will now see new businesses thriving, new markets emerging because sailors would come out from the ships to go and buy things. “Boat operators, ancillary service providers will come and investor will put money in the business,” Olatunji said.

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