Abuja approves $2.9b for the project expected to fetch $53.6b in 45 years
By Jeph Ajobaju, Chief Copy Editor
Abuja has approved $2.9 billion for Badagry Deep Seaport, the second such facility in Nigeria’s economic hub of Lagos which boasts Lekki Deep Seaport expected to begin operations in December.
Lagos also has Apapa Port and Tin Can Island Port.
The approval was jointly disclosed in Abuja by Transportation Minister Muazu Sambo and Federal Capital Territory (FCT) Minister Muhammed Bello.
The federal government has approved multiple seaport developments in recent years, including Ibom Deep Seaport and Onne Port, in order to decongest the flagship Apapa Port and boost export infrastructure.
Sambo disclosed the Badagry project will be executed under a Public Private Partnership (PPP).
“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 [NPA], he said, per the News Agency of Nigeria (NAN).
“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.”
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Badagry Port to generate $2.6b, create 5,000 jobs
Lekki Port to yield $360b for GDP from September
Lekki Port at 95% completion, launches December
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Aiming for regional maritime hub
Sambo said the Badagry Port will facilitate the federal government’s goal of making Nigeria the maritime hub of West and Central Africa, according to NAN, reported by Nairametrics.
He added that it will also help generate $53.6 billion revenue over the concession period, as well as create jobs and attract foreign direct investments, culminating with an enhancement of the wellbeing of Nigerians.
Infrastructure Concession Regulatory Commission (ICRC) acting Director General Micheal Ohiani enthused earlier in the year the Badagry Deep Seaport when operational would generate $2.6 billion revenue yearly and create 5,000 jobs.