Lagos gets formal FG’s approval for seaport in Badagry

The Lagos State Government has received the formal approval to build the Badagry Deep Seaport.

Recall that the Federal Executive Council approved the state government’s project in August.

A statement by Gboyega Akosile, the Chief Press Secretary to Governor Babajide Sanwo-Olu, said the approval, which was given at the just concluded Lagos State Economic Summit (Ehingbeti 2022), “provides the legal basis for the concession of the Badagry Deep Seaport following the issuance of the Full Business Case Certificate by the Infrastructure Concession Regulatory Commission last April.”

Akosile said the $2.5bn project would be funded through Public Private Partnership, and built on approximately 496 hectares.

The CPS adsded that the project would have 2,470m quay length container terminal, 560m quay length break bulk terminal, 360m quay length OSB terminal and minimum of 18m depth.

He said the port was expected to generate 250,000 direct jobs, enhance government revenue and operate under a build, operate and transfer concession agreement.

The statement quoted Sanwo-Olu as saying that the seaport would boost Lagos State’s logistics and commerce capability.

He said, “We are excited that Lagos is on the way to having another deep seaport on the Western side of the city. Before the end of this year, we will be commissioning the Lekki Deep Seaport on the Eastern side. What it means is that, what we have been suffering as a logistics and commerce hub of West Africa will be addressed when we increase maritime infrastructure that improves turnaround time in this sector.

“With this, Lagos is assured to remain the economic and commercial nerve centre of the entire sub-Saharan Africa.”