The Federal Government, on Wednesday, approved the sum of $2.59bn for the development of the Badagry Deep Seaport project under a Private-Public Partnership.
The Minister of Transportation, Mu’azu Sambo, disclosed this to State House Correspondents shortly after the Federal Executive Council meeting chaired by the President, Major General Muhammadu Buhari (retd.), at the Council Chambers of the Presidential Villa, Abuja.
Sambo explained that, under a Build-Own-Operate-Transfer delivery system, the port will be operated by the private sector for 45 years after which it will be reverted to the government.
He noted that the project will generate $53.6bn in revenue and create about 250,000 jobs; while making Nigeria a maritime hub in West Africa.
The minister said, “I presented a memo today 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 Federal Government of Nigeria through the Nigerian Ports Authority.
“The project cost as contained and approved in council based on the final business case as approved by the Infrastructure Concession Regulatory Commission in line with extant laws stood at $2.59bn. It has to be developed in four phases with milestones and a 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 total revenue of over $53.6bn 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.”
On his part, the Minister of the Federal Capital Territory, Mohammed Bello, revealed that the council approved a sum of N2.68bn for the procurement of 60 utility vehicles and security gadgets
