The Federal Executive Council (FEC) has approved the development of the $2.59bn Badagry Deep seaport.
Management of the Nigerian Ports Authority (NPA) announced this development on Wednesday via its social media handles.
The project is to run on a 45 years Build-Own-Operate-Transfer model the statement read.
“The Federal Executive Council has approved the development of Badagry Deep Seaport. In April, @icrcng submitted the Full Business Case (FBC) Compliance Certificate for the $2.59bn deep seaport to be fully financed by private investors.
“This is the second deep seaport project in the country with a total development area of 692.6hc and a channel of 18m draft with a single access channel length of 8.9km from the fairway buoys.
“The Badagry deep seaport project is a 45years Build-Own-Operate-Transfer Model. The FBC & financial projections justify a term of 45-years for the initial term of the concession comprising of a 5-year construction period and 40-years during which the proponent is to operate the port”, NPA stated.
Recall that the Ministry of Transportation had in April received the Full Business Case Compliance Certificate for the development of the seaport from the Infrastructure Concession Regulatory Commission, ICRC and had since sought the approval of FEC which was delayed by the nation’s political climate.