The Federal Executive Council (FEC) has endorsed $2.59 billion for the development of the Badagry Deep Seaport project through a public/private partnership (PPP) arrangement.
Minister of Transportation, Muazu Jaji Sambo announced this while addressing State House correspondents after the week’s virtual FEC meeting presided over by President Muhammadu Buhari yesterday in Abuja.
The minister said the project would be funded by private partners.
He said, on completion, the project would be run by the private partners for 45 years, after which it would be handed back to the Federal Government.
Sambo said the seaport would generate more than $53.6 billion throughout the concession arrangement, employ about 250,000 Nigerians and attract more foreign direct investment into the country.
“I’m pleased to announce to you and the general public that I presented a memo today at council concerning 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 Federal Government of Nigeria through the Nigerian Ports Authority (NPA),” he said.
The minister explained that the project is part of the “government’s goal of making Nigeria the maritime hub of the West and Central African sub-regions”.
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