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.
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.
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