Fakoyejo OlalekanThe Federal Executive Council (FEC) has approved the sum of $2.59 billion to develop the Badagry Seaport. The trade route will be developed to reduce unemployment in Nigeria.
Approval for the development of the Badagry Seaport was obtained during the Federal Executive Council meeting on Wednesday, August 3, 2022, which was presided by President Muhammadu Buhari.
The development of the Badagry Seaport is under a Private-Public-Partnership (PPP) arrangement. It is categorised as the Build-Own-Operate-Transfer (BOOT). This means the large percentage of the funding will be sourced from private investors.
It was gathered that the private sectors will operate the Badagry Seaport for 45 years. The trade route is expected to provide about 200,000 jobs, as well as generate $56 billion revenue.
The Minister of Transportation, Mu’azu Sambo, revealed the approval after the meeting. Prime Business Africa gathered that the completion of the Badagry Seaport will enable Nigeria compete with the Cotonou seaport.
Confirming the new development in a statement posted on Twitter on Wednesday, Tolu Ogunlesi, the special assistant to President Muhammadu Buhari on Digital & New Media, wrote;
“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.”
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