Sanwo-Olu receives FG’s approval for $2.5bn Badagry deep seaport construction

Lagos State Governor, Babajide Sanwo-Olu, has received approval to build the $2.5 billion Badagry Deep Seaport, which was earlier approved by the Federal Executive Council, FEC, last August.

The approval provides 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, ICRC, last April.

The project, which will be funded through Public Private Partnership (PPP), will be built on approximately 496 hectares.

It is expected to have 2,470 metre quay length container terminal, 560 metre quay length break bulk terminal, 360 metre quay length OSB terminal and minimum of 18 metre depth.

The project will generate 250,000 direct jobs, enhance Government revenue and operate under a Build Operate and Transfer (BOT) concession agreement.

Sanwo-Olu, who received the approval at the just concluded Ehingbeti Economic summit, in Victoria Island, Lagos, also signed a Memorandum of Understanding, MoU, with Siemens Energy Limited and German-owned Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) to set up an Energy Training Centre of Excellence at the Government Technical College in Ikorodu.

Credit: Vanguard Newspaper