Federal Govt Okays Development of $2.59bn Badagry Deep Seaport

Federal government has approved the Development of the Badagry Deep-Sea Port, on Build-Own-Operate-Transfer (BOOT) Public Private Partnership (PPP) Model.

Minister of Transportation Mu’azu Jaji Sambo disclosed this to State House correspondents on Wednesday after the federal executive council meeting presided over by President Muhammadu Buhari at the Presidential Villa.

According to him, the project sum is $2.594 billion to be fully-financed by Private Investors with a concession period of 45 years.He said the project will also generate total revenue of over $53.6 billion over the concession period.

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He said “I’m pleased to announce to you and the general public that I presented a memo today at council concerning the development of the Badagry Deep Seaport under the public-private partnership arrangement.
“Where the private sector will inject money for the development of the port and at the end of the concessionary period, the port reverts to the Federal Government of Nigeria through the Nigerian Ports Authority (NPA).
“The project cost as contained and approved in council based on the final business case as approved by the Infrastructure Concession Regulatory Commission (ICRC) in line with extant laws stood at $2.59 billion.
“It has to be developed in four phases with milestones and the concessional period of 45 years. Reversion is, like I said, to the Federal Government of Nigeria.
“This is to further the government’s goal of making Nigeria the maritime hub of the West and Central Africa sub-region. This project, it may interest you to know, will also generate total revenue of over $53.6 billion over the concession period.
“It will create about one quarter million jobs and also attract foreign direct investments to the country and help in improving Nigeria’s economy in general and the wellbeing of Nigerians.
Also during his briefing, the Minister of Federal Capital Territory (FCT).
Mohammed Musa Bello said he presented a memo for the procurement of utility vehicles, security gadgets, and associated accessories to support the security agencies operating within the Federal Capital Territory.
According to him” these items are 60 utility vehicles to be supplied by Coscharis Motors Limited, including communication equipment installed in the vehicles at the sum of N1,835,108,613.95 with a delivery period of two months. “In addition to that, Council also approved supply of various security gadgets and accessories to support security agencies in the FCT and the company providing these items is Messrs E&S Technical Limited at the total sum of N847,139,764.57, making the total of these two procurements the sum of N2,682,248,378.52.
During his briefing, minister of information, Lai Muhammed said
a memo presented to the council by the Secretary to the Government which is to procure operational vehicles for the Independent Corrupt Practices and other related offenses Commission, the ICPC.
He said the ICPC requested to procure 25 operational vehicles; 13 Toyota Hilux 2.7 liters a and Peugeot 3008 SUV for a total sum of N810,534,380.72.
“The need for the procurement is based on the fact that the ICPC has increased its activities and this has been occasioned by improved management, expansion of the scope of operations, through the establishment of more state offices across the country, increase in personnel, among others.
“As you know, the ICPC, today, has also taken over supervision of consistency in projects. The memo request was approved and is to Messrs. Kaura Motors Limited,” he added.