According to Minister of Transportation Rotimi Amaechi, the project, approved by the Federal Executive Council, FEC, will pump no less than $2.558 billion into the economy will completed.
Amaechi, Minister of Information Lai Mohammed and Minister of Works, Power and Hosing Babatunde Fashola briefed newsmen on the outcome of the FEC meeting, presided over by President Muhammadu Buhari.
Ameachi said there will be no government involvement in the project that it would take five years to construct it from the end OBC and FBC concessional agreement.
He said:“In this period when we are looking for foreign exchange, it is going to bring a total of $2.558 billion into the system and federal and Lagos State government would not contribute financially other than the land given by the state government.”
The FEC also approved the Multilateral Competent Authority Agreement to prevent tax evasion and avoidance by multinational companies, among other benefits.
Alhaji Mohammed said the approval for Greenfield port facilities in Badagry is the first step to approving the establishment of a new sea port in the country.
The approval, he said, showed that Nigeria is still a very preferred investment destination in Africa despite the challenges it is facing.
Fashola noted that the Badagry port was long overdue, he said the ports in Nigeria are behind in terms of technology in the maritime industry.
He said: “There are bigger vessels now being built across the world that require larger depths and drafts berth. Now some of our competitors on the continent like Djibouti are building bigger ports, so if we don’t build this port, we risk becoming uncompetitive and we risk a threat to our maritime hub status in the sense that we may become a transshipment port instead of a port of original destination.”
Stressing that the work on the port started in 2012, he said that all its financing is coming from the private sector.
