FG targets N1tr from proposed Badagry seaport

The federal government has estimated it will earn at least $2.6 billion (about N1.079 trillion) when the Badagry Deep Seaport becomes operational. The seaport is also expected to create about 5,000 direct and indirect 5,000 jobs. The acting Director General (DG) of the Infrastructure Concession Regulatory Commission (ICRC), Mr Michael Ohiani, stated this during the […]

The federal government has estimated it will earn at least $2.6 billion (about N1.079 trillion) when the Badagry Deep Seaport becomes operational.

The seaport is also expected to create about 5,000 direct and indirect 5,000 jobs.

The acting Director General (DG) of the Infrastructure Concession Regulatory Commission (ICRC), Mr Michael Ohiani, stated this during the presentation of the “Full Business Case Compliance Certificate” for the Badagry Deep Seaport and the “Modular Floating Dock” to the Minister of Transportation, Mr Chibuike Rotimi Amaechi.

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

The most notable attribute of the Badagry port, Ohiani, said, was that it would enable the country to compete favourably with the Cotonou seaport.

In respect of the dry dock which is being handled by the Nigerian Maritime Administration and Safety Agency (NIMASA), the revenue that will come to the federal government within the period is $65m and it’s going to create over 800,000 jobs, Ohiani revealed.

The minister thanked the ICRC for its diligence, noting that the presentation reflected that the project was financially viable.

He further informed that the ministry would write to the Federal Executive Council (FEC) for approval of the projects.