FEC okays development of 259bn Badagry deep seaport

The federal executive council (FEC), on Wednesday, approved the development of the Badagry deep-sea port.

Tolu Ogunlesi, special assistant to President Muhammadu Buhari on Digital & New Media, said this in a tweet on Wednesday.

According to Ogunlesi, the project is estimated to cost $2.594 billion and would be fully financed by private Investors.

The project would be concessioned for 45 years.

In April, Infrastructure Concession Regulatory Commission (ICRC) said the Badagry Deep Seaport is estimated to generate about $2.6 billion for the country.

Michael Ohiani, director-general of the ICRC, had said it would create a total ecosystem in terms of shipping, transportation, and job creation, amongst others.

He added that one of the most notable attributes of the Badagry port was that it would enable the country to compete favourably with the Cotonou seaport.