According to Lagos State Governor Babajide Sanwo-Olu, the $2.9 billion Badagry Deep Seaport is expected to generate more than $53 billion during its concession period.
According to a statement issued by Sanwo-Olu on Friday evening, the FTZ consists of a Port Zone, Logistics Zone, Industrial Zone, and a Power Hub.
According to reports, the FEC stated in August that the port would be built in four phases over a 45-year concessionary period.
What the Lagos Governor said:
Sanwo-Olu noted that attracting development to every part of Lagos is a vital aspect of the long-term strategic plan for Lagos state.
This is why the Badagry Deep Sea Port which has now been approved for a concession on approx. 496 hectares of land by the Federal Executive Council is very important.
The Deep Sea Port is part of an FTZ area seated on approximately 1,104 hectares of land, the FTZ comprises of the Port Zone, Logistics Zone, Industrial Zone, and a Power Hub. The port upon completion will generate over $53bn within the concession period.
He noted that the port would create an additional 250,000 jobs and provide training and development opportunities to Lagos, increasing government revenue, improving the regional and global position of Nigeria’s maritime sector, and reducing transportation costs.
What you should know
- Naijaonpoint reported in August that The Federal Government approved the sum of $2.9 billion for the development of Badagry Deep Seaport in Lagos State.
- Minister of Transport Muazu Sambo stated that “development of the Badagry Deep Seaport, under the public-private partnership arrangement, where the private sector will inject money for the development of the port and at the end of the concessionary period, the port reverts to the Nigerian government through the Nigerian Ports Authority.
- “The project approved by the council based on the final business case which was approved earlier by the Infrastructure Concession Regulatory Commission in line with extant laws stands at $2.59 billion.
- “It is to be developed in four phases and the concessionary period is 45 years.”
