Governor Babajide Sanwo-Olu of Lagos has secured approval from the Federal Government (FG) to construct the Badagry Deep Seaport, which was approved by the Federal Executive Council (FEC) in August 2022.
In a statement in which this development was disclosed, Sanwo-Olu’s Chief Press Secretary, Gboyega Akosile said the approval, which was given at the just concluded Lagos State Economic Summit (Ehingbeti 2022), authorises and provides the legal basis for the concession of the Badagry Deep Seaport following the issuance of the Full Business Case Certificate by the Infrastructure Concession Regulatory Commission (ICRC) last April.
According to the statement, the $2.5bn project, which would be funded through Public Private Partnership, would be built on approximately 496 hectares. It would have 2,470m quay length container terminal, 560m quay length break bulk terminal, 360m quay length OSB terminal, and minimum of 18m depth.
It was expected to generate 250,000 direct jobs, enhance government revenue and operate under a build, operate and transfer concession agreement.
Sanwo-Olu was quoted as saying that the Seaport would boost Lagos State’s logistics and commerce capability.
“We are excited that Lagos is on the way to having another deep seaport on the Western side of the city. Before the end of this year, we will be commissioning the Lekki Deep Seaport on the Eastern side. What it means is that, what we have been suffering as a logistics and commerce hub of West Africa will be addressed when we increase maritime infrastructure that improves turnaround time in this sector,” the governor stated.
BizWatch Nigeria understands that upon completion, the seaport is expected to create no less than 250,000 jobs.