By Seun Ibiyemi
The Federal Executive Council (FEC), on Wednesday, approved $2.59 billion for the development of Badagry Deep Seaport in Lagos State.
The Council also approved N2.6 billion for the procurement of utility vehicles and gadgets for security agencies operating in the Federal Capital Territory (FCT), Abuja.
Minister of Transport, Muazu Sambo, and Minister of Federal Capital Territory (FCT), Malam Muhammed Bello, disclosed these when they addressed State House correspondents on the outcome of the council meeting.
The meeting was presided over by President Muhammadu Buhari on Wednesday in Abuja.
According to Sambo, the Badagry project will be executed under a Public Private Partnership (PPP) scheme, saying the private sector will inject money into the port and manage it for 45 years.
He said, “I presented a memo at 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).
“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 is 45 years,” he added.
Sambo said the decision taken by the government would further its goal of making Nigeria the maritime hub of West and Central African regions.
According to him, the project will help Nigeria generate total revenue of $53.6 billion over the concession period as well as create jobs and attract foreign direct investments.
His words: “This is to further the government’s goal of making Nigeria the maritime hub of West and Central Africa sub-region. This project, it may interest you to know, will also generate total revenue of over $53.6 billion over the concession period. It will create about one quarter million jobs and also attract foreign direct investments to the country and help in improving Nigeria’s economy in general and the wellbeing of Nigerians.”