The Lagos state government announced that its proposed $2.5 billion deep-sea port located in Badagry would generate $53 billion during its concession period.
The Governor stressed that it is vital to attract development to every corner of the state, particularly a region like Badagry that is often overlooked.
“The Deep Sea Port is part of an FTZ area seated on approximately 1,104 hectares of land, the FTZ comprises a Port Zone, Logistics Zone, Industrial Zone, and a Power Hub. The port upon completion will generate over $53bn within the concession period.” He said.
He also noted that the creation of the port is estimated to create around 250,000 jobs for the state’s residents.
Additionally, the governor stated that the creation of the port will provide training and development opportunities to Lagos, which would inadvertently increase government revenue, improve the regional and global position of Nigeria’s maritime sector, and reduce transportation costs.
The project has been approved by Nigeria's federal government and will be a public-private partnership.
The minister of transport, Muazu Sambo stated, “development of the Badagry Deep Seaport, under the public-private partnership arrangement, where the private sector will inject money for the development of the port and at the end of the concessionary period, the port reverts to the Nigerian government through the Nigerian Ports Authority.
“The project approved by the council based on the final business case which was approved earlier by the Infrastructure Concession Regulatory Commission in line with extant laws stands at $2.59 billion. He added.
“It is to be developed in four phases and the concessionary period is 45 years.” He concluded.