The Federal Executive Council, FEC, has approved 2.59 billion dollars for the development of Badagry Deep Seaport in Lagos State.
The Minister of Transport, Muazu Sambo, made these known when they addressed State House correspondents on the outcome of the council meeting on Wednesday.
The meeting was presided over by President Muhammadu Buhari on Wednesday in Abuja.
According to Sambo, the Badagry project will be executed out 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.
“The project as approved by the council based on the final business case as 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,” he stated.
Mr Sambo said the decision taken by the government would further its goal of making Nigeria the maritime hub of the West and Central African regions.
According to him, the project will help Nigeria generate total revenue of 53.6 billion dollars over the concession period as well as create jobs and attract foreign direct investments, culminating with an enhancement of the wellbeing of Nigerians.