The Federal Executive Council (FEC) has approved $2.59 billion for the development of the Badagry Deep Seaport project through a public/private partnership (PPP) arrangement.
Transportation Minister, Muazu Jaji Sambo announced this while addressing State House correspondents after the week’s virtual FEC meeting presided over by President Muhammadu Buhari in Abuja.
The minister said the project would be funded by private partners, and that on completion, the project would be run by the private partners for 45 years, after which it would be handed back to the Federal Government.
Earlier, the Federal Government in its continued effort in the project had revealed that the Badagry Deep Seaport when operational will generate the sum of $2.6 billion and create 5,000 jobs.
This was disclosed by Mr Micheal Ohiani, the Acting Director-General, Infrastructure Concession Regulatory Commission (ICRC) in a meeting with the then Minister of Transportation, Rotimi Amaechi in Abuja.