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.
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.
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