FG Approves Construction Of $2.59 Badagry Deepsea Port
The Federal Executive Council (FEC) has approved the development of the Badagry Deepsea Port.
The Special Assistant to President Muhammadu Buhari on Digital & New Media, Tolu Ogunlesi, said the project was estimated to cost $2.594 billion and would be fully financed by private Investors.
He added that the port would be constructed on Build-Own-Operate-Transfer(BOOT) Public Private Partnership (PPP) Model.
Also he stressed that it would be concessioned for 45 years.
In April, Infrastructure Concession Regulatory Commission (ICRC) explained that the Badagry Deep Seaport was estimated to generate about $2.6 billion for the country.
The Director General of the commission, Michael Ohiani, had said it would create a total ecosystem in terms of shipping, transportation, and job creation, amongst others.
It would be recalled that Ohiani has presented the full business case compliance certificate for the Badagry Deep Seaport to the former Minister of Transportation, Rotimi Amaechi noted that the seaport was estimated to generate about $2.6 billion, saying that it would create about 5,000 direct and indirect jobs when it becomes operational.
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