FEC approves development of Badagry Deep Seaport

The Federal Executive Council has approved the development of Badagry Deep Seaport.

In April, the Infrastructure Concession Regulatory Commission submitted the Full Business Case Compliance Certificate for the $2.59bn deep seaport to be fully financed by private investors.

This is the second-deep seaport project in the country with a total development area of 692.6hc and a channel of 18m draft with a single access channel length of 8.9km from the fairway buoys.

The Badagry deep seaport project is a 45-year Build-Own-Operate-Transfer Model.

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The FBC and financial projections justify a term of 45 years for the initial term of the concession comprising a 5-year construction period and 40 years during which the proponent is to operate the port.