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FG to realize $2.6bn from Badagry Seaport when operational

The Federal Government has disclosed that when the Badagry Deep Seaport becomes operational, it is estimated to generate $ 2.6 billion and create about 5, 000 jobs directly and indirectly.

The Hon. Minister of Transportation, Chibuike Rotimi Amaechi, disclosed this when he received the Acting Director General, Infrastructure Concession Regulatory Commission (ICRC), Mr. Michael Ohiani, who presented to the minister, the “Full Business Case Compliance Certificate” for the Badagry Deep Seaport and the Modular Floating Dock.

Speaking on derivatives of these projects, Ohiani said the project would “create a total ecosystem in terms of shipping, transportation, job creation and others.”

He added that the most notable attribute of the Badagry Port is that it would enable the country compete favourably with the neighbouring Contonou seaport.

For the Dry Dock, which is handled by the Nigerian Maritime Administration and Safety Agency (NIMASA), “the revenue that will come to the Federal Government within that period is $65 million and it’s going to create over 800,000 jobs,” Ohiani said.

The Minister thanked the ICRC for its diligence, noting that the presentation reflects that the project is financially viable.

He further informed that the Ministry will write to the Federal Executive Council for approval on the projects.

Present at the function was the Permanent Secretary, Federal Ministry of Transportation, Dr. Magdalene Ajani.

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