The Federal Executive Council (FEC) has approved $2.59 billion for the development of Badagry Seaport.
The development is under a Private-Public-Partnership (PPP) arrangement.
The Minister of Transportation, Mu’azu Sambo, gave the update at the FEC meeting on Wednesday.
Sambo said the port would be operated for 45 years by the developers, after which Nigerians would take over.
BREAKING: 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
Concession period: 45 years
— tolu ogunlesi (@toluogunlesi) August 3, 2022