The Badagry Port Development Limited (BPDL), promoters of the Badagry deep seaport project has said that the project will generate $54 billion revenue, create about 250,000 jobs and attract an immense amount of foreign direct investment into the country.
Recall that on Wednesday last week, the Federal Executive Council granted concession approval for the development of the $2.56bn Badagry port.
A statement sent to SHIPS & PORTS by BDPL on Monday said the Badagry deep seaport will be implemented under a Build-Own-Operate-Transfer (BOOT) concession structure for 45 years.
“During the 45-year concession period, the project is estimated to generate USD54 billion of revenue, create about 250,000 jobs and attract an immense amount of foreign direct investment into the various support services required to build, operate and maintain the port.
“The project is in line with the government’s goal of making Nigeria the maritime hub for the West and Central African sub-region.
“The concession is granted to Badagry Port Development Limited (BPDL). BPDL is wholly owned by Quinn McGrath Marine & Environmental Services Limited (QMMESL), an indigenous formidable maritime investment subsidiary of the Quinn McGrath Group,” the statement added.
BPDL said the Badagry port aims to address the expected infrastructure challenges, provide shipping lines and supply chain managers with the best productivity, location, flexibility and cost effectiveness to power the global supply chains of Nigeria’s leading brands.
“BPDL’s vision is that the project will not only bring tremendous benefits to the Badagry axis of Lagos State, but will also rapidly ensure that Nigeria takes its place on the world stage as one of the most advanced nations in the global maritime sector,” the company added.
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