Vincent Toritseju
Lagos — The Federal Executive Council, FEC, yesterday 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.
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