The Nigerian Government has approved the sum of $2.59 billion for developing Badagry Deep Seaport under a Private-Public-Partnership (PPP) arrangement.
The Minister of Transportation, Mu’azu Sambo, has disclosed that the approval to develop the Badagry Seaport has been obtained by the Federal Executive Council (FEC).
President Muhammadu Buhari, Vice President Yemi Osibajo, and the ministers under the administration held their monthly FEC meeting on Wednesday, August 3, 2022, to discuss projects relating to the country’s development.
After the meeting, Sambo stated that the Federal Executive Council approved $2.59 billion for the development of the Badagry Seaport, which will compete against that of Cotonou, Benin Republic, upon completion.
He said “I’m pleased to announce to you and the general public that I presented a memo today at council concerning the development of the Badagry Deep Seaport under the public-private partnership arrangement.
“Where the private sector will inject money for the development of the port and at the end of the concessionary period, the port reverts to the Federal Government of Nigeria through the Nigerian Ports Authority (NPA).
“The project cost as contained and approved in council based on the final business case approved by the Infrastructure Concession Regulatory Commission (ICRC) in line with extant laws stood at $2.59 billion.
“It has to be developed in four phases with milestones and the concessional period of 45 years. Reversion is, like I said, to the Federal Government of Nigeria.
“This is to further the government’s goal of making Nigeria the maritime hub of the West and Central Africa sub-region. This project may interest you to know that it will also generate total revenue of over $53.6 billion over the concession period.
“It will create about one quarter million jobs and also attract foreign direct investments to the country and help in improving Nigeria’s economy in general and the wellbeing of Nigerians.
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