Connect with us


Nigerian govt approves $2.59bn Badagry Seaport, to compete with Cotonou



The Minister of Transportation, Mu’azu Sambo, has disclosed that the approval to develop the Badagry Seaport has been obtained during the Federal Executive Council (FEC).

President Muhammadu Buhari, Vice President Yemi Osibajo, and the ministers under the administration had held their monthly FEC meeting on Wednesday, August 3, 2022, to discuss projects relating to the country’s development.

After the meeting, Sambo stated that the Federal Executive Council approved $2.59 billion for the development of the Badagry Seaport, which will compete against that of Cotonou, Benin Republic, upon completion.

Ripples Nigeria gathered that the fund needed to develop the seaport would be fully provided by Private Investors, who will build, operate and manage the trade route for 45 years.

Read also: Badagry deep seaport will transform Nigeria to West Africa maritime hub – NIMASA

It was revealed that the Badagry Seaport would be a Private-Public-Partnership (PPP), and is projected to generate N57 billion and provide 200,000 jobs in an undisclosed period.

Explaining the decision in a tweet on Wednesday, President Buhari’s special assistant on Digital & New Media, Tolu Ogunlesi, said, “Federal Executive Council (FEC) today approved the Development of the Badagry Deep-Sea Port, on Build-Own-Operate-Transfer(BOOT) Public Private Partnership (PPP) Model Project Sum: USD$2.594 Billion, to be Fully-financed by Private Investors.”

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published.

3 × three =