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Badagry Deep Seaport Project To Generate $53.6bn For Nigerian Economy – BPDL

The project cost as approved by the Infrastructure Concession Regulatory Commission stands at $2.59 billion.

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Promoters of the newly approved Badagry Deep Seaport project, Badagry Port Development Ltd (BPDL), has hinted that the project will benefit Nigerians and make name in West Africa at large.

Project Manager BPDL, Mr. Oludele James Clinton, in a statement said that the project will generate billions of naira revenue, stimulate job creation and make Nigeria a maritime hub in West Africa.

The statement disclosed that the project will create about 250,000 jobs, and generate $53.6 billion dollars to the economy.

Explaining why the the Deep Seaport will be a maritime hub in West Africa, the project manager stated that “Nigeria is strategically located at a significant point in the Atlantic Ocean, with about 853 kilometres coastline, which gives us a geographic advantage to become a maritime hub for not only the West and Central African region, but also the entire maritime trading world.

“And with over 70 per cent of cargo bound for West and Central Africa destined for Nigeria, the country also has a huge commercial advantage.

“The Seaport planned to be Africa’s biggest and most advanced seaport when it becomes operational.”

Quoting the Minister of Transportation, Muazu Jaji Sambo, on the Private-Public Partnership project, Clinton said that “under a Build-Own-Operate-Transfer delivery system, the port would be operated by the private sector for 45 years after which it would be reverted to the government.”

The Minister said “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 $2.59 billion.

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“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 $53.6 billion over the concession period.”

On the strategic importance of the port, the Lagos State Governor, Babajide Sanwo-Olu, stated that it is not just one project but “a multi-level opportunity for progress for all the people of this State in view of the volume of trade and quantum of investment opportunities that would spring up in the area when the project commences, and when it is completed and operational.

“Very importantly, employment and capacity building for the teeming youth and women in the affected communities will be prioritised.

“The port will also include facilities for handling containers, dry bulk, liquid bulk, roll-on-roll-off, and general cargo, as well as oil and gas operations support,” Governor Sanwo-Olu stated.

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Patience Leonard, PBA Journalism Mentee
Patience Leonard, PBA Journalism Mentee
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