gtag('config', 'G-4J8L8BEK7P');
Connect with us

Hi, what are you looking for?



The Federal Government has approved the sum of $2.9 billion for the development of Badagry Deep Seaport in Lagos State.

This was disclosed by the Ministers of Transport, Muazu Sambo, and that of Federal Capital Territory (FCT), Mallam Muhammed Bello on Wednesday in Abuja.

The Minister stated that the Badagry project will be executed under a Public Private Partnership (PPP) scheme, citing the private sector will inject money into the port and manage it for 45 years.

Advertisement. Scroll to continue reading.

Sambo said, “I presented a memo at the council, with respect to 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 Nigerian government through the Nigerian Ports Authority.

“The project approved by the council based on the final business case which was approved earlier by the Infrastructure Concession Regulatory Commission in line with extant laws stands at $2.59 billion.

“It is to be developed in four phases and the concessionary period is 45 years.”

Sambo also added that the port would further the Federal Government’s goal of making Nigeria the maritime hub of the West and Central African regions.

Advertisement. Scroll to continue reading.

He said that it will also help Nigeria generate total revenue of 53.6 billion dollars over the concession period, as well as create jobs and attract foreign direct investments, culminating with an enhancement of the wellbeing of Nigerians

Click to comment

Leave a Reply

Your email address will not be published.

In other news


Nigeria’s inflation rate in the month of July 2022 rose to a 17-year high of 19.64%. This compares to 18.6% recorded in the previous...


Ondo State Governor Arakunrin Oluwarotimi Akeredolu has warned Ebiras living in the state to flush out the criminals among them. Arakunrin Akeredolu, who said...


Gunmen suspected to be armed robbers have shot to death a teacher in Government Science Secondary School Nassarawa-Eggon, Nasarawa State, Auta Nasela. A staff...


As part of efforts to curb the menace of oil theft in Nigeria, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has launched an...


The Lagos State Government has ordered the reintroduction of History as “a stand-alone subject” into the basic and junior secondary schools in the state....


The Ondo State Government has concluded arrangements to declare the Araromi Seaside in Igbokoda, Ilaje Local Government Area of the State, a Tourism Zone....