The federal executive council has approved $2.59 billion for the development of Badagry Seaport under a Private-Public-Partnership arrangement.
The minister of transportation, Mu’azu Sambo, gave the update at the FEC meeting on Wednesday.
Sambo said the port would be operated for 45 years by the developers, after which the government would take over.
BREAKING: Federal Executive Council(FEC) today approved the Development of the Badagry Deep-Sea Port, on Build-Own-Operate-Transfer(BOOT) Public Private Partnership (PPP) Model
Project Sum: USD$2.594 Billion, to be Fully-financed by Private Investors
Concession period: 45 years
— tolu ogunlesi (@toluogunlesi) August 3, 2022
Sambo said during the PPP lifespan, the project would provide about 200,000 jobs while generating a revenue of $56 billion.
He added that the project is expected to make Nigeria a maritime hub in West Africa.
In April, Infrastructure Concession Regulatory Commission said the Badagry Deep Seaport would create a total ecosystem in terms of shipping, transportation, and job creation, among others.
The director-general of the ICRC, had added that one of the most notable attributes of the Badagry port was that it would enable the country to compete favourably with the Cotonou seaport.
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