For new infrastructure projects, the Infrastructure Concession Regulatory Commission has issued two Full Business Case Certificates of Compliance.
The FBCs submitted to Rotimi Amaechi, Minister of Transportation, were for NIMASA’s concession of the Badagry Deep Seaport and the Floating Dry Dock.
Mr Michael Ohiani, Acting Director-General of the International Committee of the Red Cross, who delivered the certificates, told the minister that both projects would generate over $2 billion in revenue for the federal government and create over 5,800 jobs.
“We have the opportunity to deliver the Full Business Case compliance certificate for the Badagry Deep Seaport, and it will produce over $2 billion over the concession period,” Ohiani said in a statement released by the commission on Thursday.
“For this project, the employment opportunity is over 5,000 direct and indirect jobs. We present this certificate for the benefit of all Nigerians.
“We also use this opportunity to present the FBC for the Floating Dry Dock for NIMASA. It is going to create over 800 jobs and will accrue over $65m within the period of the concession.”
The Badagry Port aspires to address present infrastructure difficulties by offering shipping lines and supply chain managers the highest productivity, location, flexibility, and cost-effectiveness in order to fuel Nigeria’s leading businesses’ worldwide supply networks. The cutting-edge multi-purpose facility will provide consumers with excellent uncongested hinterland connectivity and the deepest water in West Africa, giving Nigeria a long-term competitive advantage.
The port will have, among other things, terminals (general cargo, container, RoRo, and grain terminals), an offshore supply base, liquid bulk jetties, and a barge and rail terminal.
The Badagry port will enhance government revenues, encourage foreign investment in needed modern port facilities, and relieve congestion in the Apapa and Tin Can Island ports, among other reasons.
The project’s revenue stream is sourced from services supplied to vessels for the Floating Dry Dock.
NIMASA is expected to earn $65,607,171 (N27.22 billion) over the 15-year concession period.
