Business

FG Approves $1.6b for New Warri, Port Harcourt Ports

  • FG Approves $1.6b for New Warri, Port Harcourt Ports

Federal Government has approved $1.6 billion for the construction of two seaports in the South-South to ease Lagos congestion, according to Mr Rotimi Amaechi, the Minister of Transporation.

The minister made the statement during the empowerment of 1,700 women and youths organised by the Minister of State for Labour and Employment Mr Festus Keyamo in the Uvwie Local Government Area of Delta State.

According to the Minister, the two seaports would be built in Bonny, Rivers State and the Pessu area of Warri Delta State. He added that each port would cost $800 million.

Amaechi said, “The Federal Government is set to build a new seaport in Pessu and a similar one in Bonny in the Bonny Local Government Area of Rivers State. The seaport (project) will gulp $800m each.”

He, however, warned the youths to desist from disrupting the execution of the project, “When you stop them from working, you are losing such a huge investment where the entire community can be contractors; some can supply sand.”

“The best thing to do is to allow the development. Imagine the companies that have left Warri; let the seaport project go on smoothly,” the minister stated.

Speaking on empowerment, Keyamo said the Federal Government is working hard to lift millions of Nigeria’s out of poverty, adding that they should expect more empowerment programme under President Muhammadu Buhari administration.

Among items distributed were, sewing machines, knitting machines and welding machines. Also, cash was distributed as empowerment programme.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Share
Published by
Samed Olukoya

Recent Posts

Discordant Tunes Greet 50% Tariff Hike As Subscribers Threaten To Sue NCC

Nigerians have expressed displeasure over the decision of the Nigerian Communications Commission to increase tariffs…

9 hours ago

Beatrice Ekweremadu Returns to Nigeria After Serving Sentence in UK

Mrs. Beatrice Ekweremadu, wife of former Deputy Senate President Senator Ike Ekweremadu, has reportedly returned…

9 hours ago

Nigeria Expands Refining Capacity with MRO Energy’s Delta State Refinery

The Federal Government has taken another step toward boosting Nigeria’s refining capacity with the approval…

9 hours ago

Eko DisCo Set for Transformation as Transgrid Enerco Signs Historic 60% Acquisition Agreement

Transgrid Enerco Limited has signed a Share Purchase Agreement (SPA) to acquire a 60% equity…

10 hours ago

Metering Gap Exceeds 7 Million Despite Multilateral Loans and Government Funds

Despite interventions by the Federal Government and multilateral lenders amounting to over N1.5 trillion, Nigeria’s…

11 hours ago

Petrol Prices Surge to N990 in Abuja, N960 in Lagos as Oil Tops $80 Per Barrel

The Nigerian National Petroleum Company Limited (NNPC) has increased the pump price of petrol at…

12 hours ago