The Minister of Transportation, Mu’azu Sambo, has disclosed that the approval to develop the Badagry Seaport has been obtained during the Federal Executive Council (FEC).
President Muhammadu Buhari, Vice President Yemi Osibajo, and the ministers under the administration had held their monthly FEC meeting on Wednesday, August 3, 2022, to discuss projects relating to the country’s development.
After the meeting, Sambo stated that the Federal Executive Council approved $2.59 billion for the development of the Badagry Seaport, which will compete against that of Cotonou, Benin Republic, upon completion.
Ikeanumba Africa gathered that the fund needed to develop the seaport would be fully provided by Private Investors, who will build, operate and manage the trade route for 45 years.
It was revealed that the Badagry Seaport would be a Private-Public-Partnership (PPP), and is projected to generate N57 billion and provide 200,000 jobs in an undisclosed period.
Explaining the decision in a tweet on Wednesday, President Buhari’s special assistant on Digital & New Media, Tolu Ogunlesi, said, “Federal Executive Council (FEC) today approved the Development of the Badagry Deep-Sea Port, on Build-Own-Operate-Transfer(BOOT) Public Private Partnership (PPP) Model Project Sum: USD$2.594 Billion, to be Fully-financed by Private Investors.”
