BREAKING: FEC Approves Development Of $2.5bn Badagry Deep Seaport
Fred Omotara, Lagos
The Federal Executive Council (FEC) on Wednesday approved the development of the $2.59bn Badagry Deep seaport.
In a statement celebrating the approval on its social media handles, the Nigerian Ports Authority (NPA) said that the project is to run on a 45 years Build-Own-Operate-Transfer model.
According to the NPA, “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.