Federal Executive Council (FEC) Approves the Development of $2.594 Billion Badagry Deep-Sea Port
The Federal Executive Council (FEC) of Nigeria has approved the development of $2.594 billion Badagry Seaport for the development of the Badagry Seaport under a private-public-partnership (PPP) arrangement. The port would be operated for a period of 45 years by the developers after which Nigerians will take over.
According to Mu’azu Sambo, the minister of transportation, during the PPP lifespan, the project was expected to provide about 200,000 jobs and generate $53.6b billion revenue. The project is also expected to make Nigeria a maritime hub in West Africa.
“I’m pleased to announce to you and the general public that I presented a memo today at council with respect to the development of the Badagry Deep Seaport under public private partnership arrangement, where the private sector will inject money for the development of the port.
“At the end of the concessionary period, the port will revert to the Federal Government of Nigeria through the Nigerian Ports Authority (NPA).
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“The project cost as contained and approved in council based on the final business case as 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, it may interest you to know, will also generate a total revenue of over $53.6 billion over the concession period. It will create thousands of jobs and also attract foreign direct investments to the country. It will also help in improving Nigeria’s economy in general and the wellbeing of Nigerians”
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