Lagos State Government said it has received the approval of the Federal Government to develop the Badagry deep seaport.
The State Governor, Babajide Sanwo-Olu disclosed this at the Lagos Economic Summit, #Ehingbeti 2022.
Sanwo-Olu said approval authorises and provides 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 (ICRC) last April.
The $2.5 billion port, 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 is expected to generate 250,000 jobs, enhance government revenue and operate under a Build Operate and Transfer (BOT) concession agreement.
“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 this, Lagos is assured to remain the economic and commercial nerve centre of the entire sub-Saharan Africa.
Recall that in August, the Federal Government approved a concession arrangement for the development of the Badagry deep seaport at a cost of $2.59 billion for a period of 45 years.
The approval was finalised following a presentation by the Federal Ministry of Transportation at the Federal Executive Council (FEC) weekly meeting presided over by President Muhammadu Buhari in Abuja on August 3.
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