By The Federal Executive Council (FEC) has approved the development of the Badagry deep seaport in Lagos.
The decision was reached at its meeting on Wednesday in Abuja.
The Special Assistant to President Muhammadu Buhari on Digital & New Media, Tolu Ogunlesi also confirmed the development in a tweet.
According to him, the project is estimated to cost $2.594 billion and would be fully financed by private Investors.
BREAKING: Federal Executive Council(FEC) today approved the Development of the Badagry Deep-Sea Port, on Build-Own-Operate-Transfer(BOOT) Public Private Partnership (PPP) Model
Project Sum: USD$2.594 Billion, to be Fully-financed by Private Investors
Concession period: 45 years
— tolu ogunlesi (@toluogunlesi) August 3, 2022
Ogunlesi added that the project would be concessioned for 45 years.
“BREAKING: Federal Executive Council (FEC) today approved the Development of the Badagry Deep-Sea Port, on Build-Own-Operate-Transfer(BOOT) Public Private Partnership (PPP) Model.
“Project Sum: USD$2.594 Billion, to be Fully-financed by Private Investors. Concession period: 45 years,” he tweeted.
In April, the Federal Government revealed that the Badagry deep seaport when operational will generate the sum of $2.6 billion and create 5,000 jobs.
