Private Investor to Operate $2.59bn Badagry Deep Seaport for 45 Years

By Adedapo Adesanya

The Federal Executive Council (FEC), yesterday, approved the development of the $2.59 billion Badagry Deep seaport.

In a statement, the Nigerian Ports Authority (NPA) disclosed that the project is to run on a 45-year Build-Own-Operate-Transfer model.

The Badagry Deepsea port construction is also expected to commence soon.

According to the NPA in a tweet, “The Federal Executive Council has approved the development of Badagry Deep Seaport.

“In April, @icrcng submitted the Full Business Case, FBC, 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 45years Build-Own-Operate-Transfer model.

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