FG Okays $500m Industrial Port for Modandola Group

NEPC
  • FG Okays $500m Industrial Port for Modandola Group

The federal government has approved the development of a $500 million industrial port, which is to be executed by the Modandola Group.

The Federal Executive Council had on October 12, 2016 approved the proposal for the development of a multipurpose terminal along Badagry Creek, Apapa.

The port, which is capable of berthing 50,000 DWT vessels with a draught of 13.5 metres upon completion, will be sponsored by Modandola Group, together with their foreign partners through Creek Road Multipurpose Terminal Limited (CRMPT) as an SPV.

The News Agency of Nigeria (NAN) reported that upon completion, the project will bring about foreign direct investment (FDI), increase government revenue through taxes and royalties and creation of specialised port facilities for industrial cargo and raw material.

In addition, the port will afford skilled professionals and unskilled persons job opportunities. The industrial complex is also expected to house a power station, information/ technology operating system and modern terminal building to house the administration, shipping and other government agencies.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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