President Muhammadu Buhari of Nigeria has formally opened a new port close to Lagos that may have economic ramifications for all of West Africa.

The enormous $1.5 billion Lekki Deep Sea Port, which was built over six years and cost $1.5 billion, will act as a hub for regional freight ships.

The new plant, according to Lagos State Governor Babajide Sanwo-Olu, will bring in billions of dollars in income and produce 200,000 employment both directly and indirectly.

By lowering the vessel turnaround time, which has hampered business at the country's other ports, the port is intended to lower the high cost of transporting commodities into the country.

Currently, Lagos relies on antiquated, crowded ports whose waters cannot accommodate larger vessels, which adds to traffic congestion within the city.