Economy
Lagos State Government Receives Approval For Badagry Seaport Project
The Lagos state government has received approval from the federal government for the construction of the Badagry deep seaport.
The Lagos state government has received approval from the federal government for the construction of the Badagry deep seaport.
Lagos State Governor Babajide Sanwo-Olu disclosed at the Lagos Economic Summit, #Ehingbeti 2022.
According to a statement signed by Governor Sanwo-Olu’s Chief Press Secretary, Gboyega Akosile, the approval, given by the federal government to the state on its $2.5 billion project authorizes and provides the legal basis for the concession of the Badagry Deep Seaport following the issuance of the Full Business Case Certificate by the Infrastructure Concession Regulatory Commission last April.
Speaking on the recent approval by the Federal Government for the Badagry seaport project, Lagos state governor Babajide Sanwo-Olu said, “We are excited that Lagos is on the way to having another deep seaport on the Western side of the city. Before the end of this year, we will be commissioning the Lekki Deep Seaport on the Eastern side.
“What it means is that what we have been suffering as a logistics and commerce hub of West Africa will be addressed when we increase maritime infrastructure that improves turnaround time in this sector. With this, Lagos is assured to remain the economic and commercial nerve center of the entire sub-Saharan Africa”.
The $2.5 billion project which would be funded through Public Private Partnership (PPP), would be built on approximately 496 hectares. The proposed project would have a 2,470m quay length container terminal, 560m quay length break bulk terminal, 360m quay length OSB terminal, and a minimum of 18m depth.
It is also expected to generate about 250,000 direct jobs, enhance government revenue and operate under a build, operate and transfer concession agreement.
Investors King understands that apart from the fact that the construction of the Badagry seaport would create lot of jobs for about 250,000 Nigerians and attract more foreign Direct Investment (FDI), more importantly, it would decongest the Apapa Ports, which the poor road access continues to hamper the contributions to the economy.