FEC approves $4.7bn port projects in Ondo, Lagos, Delta

The Federal Executive Council on Wednesday approved port development projects worth $4,713,841,477 in Ondo, Lagos and Delta States. The Minister of State for Transportation, Ademola Adegoroye, disclosed this to State House reporters after the federal cabinet meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja. He said the council approved the development […]

The Federal Executive Council on Wednesday approved port development projects worth $4,713,841,477 in Ondo, Lagos and Delta States.

The Minister of State for Transportation, Ademola Adegoroye, disclosed this to State House reporters after the federal cabinet meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

He said the council approved the development of Ondo Multi-Purpose Port, Ilaje, Snake Island in Lagos and Burutu in Delta State.

He said the projects would be executed through public private partnership arrangement at no cost to the federal government.

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Adegoroye said the Ondo port would cost the private developers the sum of $1,480,465,253 and would be concessioned for a period of 50 years with the accruals to the concessionaire and the federal government expected to be $50bn and $2.6bn respectively.

He said the Burutu port would cost $1,285,005,818; concessioned for 40 years with the concessionaire and the federal government expected to reap $125bn and $9bn respectively.

The minister added that the Snake Island Port would gulp $974,185,203 and concessioned for 45 years with the concessionaire and the federal government receiving $18bn and $5.23bn respectively in accruals within the period.