Lagos Govt Get FG’s Approval For $2.5bn Badagry Seaport
Federal Government has consented to the proposed Badagry Deep Seaport project which the Federal Executive Council had earlier approved in August 2022.
Naija News understands that Governor Babajide Sanwo-Olu‘s administration received approval for the project at the just concluded Lagos State Economic Summit (Ehingbeti 2022).
Details of the project were made public in a statement signed by Sanwo-Olu’s Chief Press Secretary, Gboyega Akosile.
According to Akosile, the approval has now automatically authorised and provide the legal basis for the concession of the Badagry Deep Seaport following the issuance of the Full Business Case Certificate by the Infrastructure Concession Regulatory Commission last April.
The governor’s aide explained that the $2.5bn project, which would be funded through Public Private Partnership, would be built on approximately 496 hectares.
“It would have 2,470m quay length container terminal, 560m quay length break bulk terminal, 360m quay length OSB terminal and minimum of 18m depth. It was expected to generate 250,000 direct jobs, enhance government revenue and operate under a build, operate and transfer concession agreement,” the statement noted.
In his remark according to the statement, Governor Sanwo-Olu believed that the project, when completed would boost Lagos State’s logistics and commerce capability.
He said, “We are excited that Lagos is on the way to having another deep seaport on the Western side of the city. Before the end of this year, we will be commissioning the Lekki Deep Seaport on the Eastern side. What it means is that, what we have been suffering as a logistics and commerce hub of West Africa will be addressed when we increase maritime infrastructure that improves turnaround time in this sector.”
With the latest development, the Sanwo-Olu government is optimistic that Lagos would remain the economic and commercial nerve centre of entire sub-Saharan Africa.