LAGOS STATE GOVT. RECEIVED APPROVAL TO BUILD US$2.5B BADAGRY DEEP SEAPORT

Lagos State Governor, Babajide Sanwo-Olu, has received approval to build the US$2.5 billion Badagry Deep Seaport, which was earlier approved by the Federal Executive Council, FEC, last August.

The approval 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.

The project, which will be funded through Public Private Partnership (PPP), will be built on approximately 496 hectares.

It is expected to have a 2,470-metre quay length container terminal, 560-meter quay length break bulk terminal, 360-meter quay length OSB terminal, and a minimum of 18-meter depth.

The project will generate 250,000 direct jobs, enhance Government revenue and operate under a Build Operate and Transfer (BOT) concession agreement.

Sanwo-Olu, who received the approval at the just concluded Ehingbeti Economic summit, in Victoria Island, Lagos, also signed a Memorandum of Understanding, MoU, with Siemens Energy Limited and German-owned Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) to set up an Energy Training Centre of Excellence at the Government Technical College in Ikorodu.