The Chief Executive Officer of the Badagry Port Development Limited, Didi Ndiomu, has said that the $2.59bn Badagry Deep Seaport project is presently in its second phase which is the implementation and sourcing of strategic financial partners.... CLICK TO READ THE FULL NEWS HERE▶▶
He added that the project is divided into four phases. This was contained in a statement issued by the Director of Press and Public Relations at the Ministry of Marine and Blue Economy, Olujimi Oyetomi.
In the Tuesday statement, Ndiomu disclosed this during a meeting with the Minister of Marine and Blue Economy, Adegboyega Oyetola, in Abuja.
On March 1, 2022, the Lagos State Governor, Babajide Sanwo-Olu, announced that the Badagry Deep Seaport project, estimated at $2.59bn expected to be one of the largest in Africa, would kick off in June.
Sanwo-Olu said this in Badagry during a stakeholders’ meeting on the Badagry Deep Seaport and Free Zone Project.
Recall that the Full Business Case Compliance Certificate for the Badagry Deep Seaport was issued by the Infrastructure Concession Regulatory Commission in 2022, while the Federal Executive Council approved the development of the project on a Public Private Partnership in the same year.
Giving more details, Ndiomu explained that the proposed deep seaport, when completed alongside the Agge Port in Bayelsa, is the only natural port in the country.
“The project, which is divided into four phases, is presently in the second phase, which is the implementation and sourcing of strategic financial partners,” Ndiomu said.
According to him, the natural depth is not man-made, “hence, no extra costs of sustaining the depth should spur investors to buy into this initiative.”
He further charged the Federal Government to take a lead role in the drive to boost the investors’ confidence in the project.
Ndiomu also urged the government to reassure the international community of the government’s commitment to the infrastructural development of Nigeria, “given the current Nigerian Economic situation and the uncertainties of the currency fluctuations,”
Earlier, Oyetola said that the ministry is ready to facilitate the process that would lead to the realisation of the project.
Oyetola stated that the project portends immense potential to the Federal Government as it aligns with President Bola Tinubu’s objectives.
“The ministry’s policy is tailored in line with the President’s agenda, and so the ministry will do whatever it can to help achieve the Badagry Deep Sea project,” Oyetola said.
The minister said he has met with some interested investors, both local and international, to invest.
He appreciated the efforts of the company and applauded them for their hard work as they have overcome a lot of obstacles and come this far.
