The federal government has approved a new deep sea port for the country which is to be developed under a public-private partnership (PPP) arrangement.
The approval was given on Wednesday in Abuja at the weekly federal executive council (FEC) meeting.
The $2.59bn deep seaport to be fully financed by private investors is to be located in Badagry, Lagos state.
According to the Nigeria Port Authority (NPA), the full business case compliance certificate was presented in April by the Infrastructure Concession Regulatory Commission (ICRC).
“This is the second deep seaport project in the country with a total development area of 692.6hc and a channel of 18m draft with a single access channel length of 8.9km from the fairway buoys.
“The Badagry deep seaport project is a 45years Build-Own-Operate-Transfer Model.
“The FBC & financial projections justify a term of 45years for the initial term of the concession comprising of a 5year construction period & 40years during which the proponent is to operate the port,” the NPA said.
However, the government is yet to name the private sector investors who are involved in the deep sea-port project.
In 2021, the federal government approved a new deep sea port in Bonny Island, Rivers state.
According to President Muhammadu Buhari, “the new deep sea port in Bonny Island, Rivers State is designed to be a regional and international transport hub. In line with global trends, the Railway Industrial Park will process exports of raw materials with value addition and also export of locally made goods.”
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