$2.59bn for Badagry Deep Seaport Project

This is excellent news for everyone who is investing in an off-plan villa in the Fatherland, as it will dramatically shoot up the price of their property. – And if they have purchased it as buy-to-let, it will substantially increase their rental income due to the anticipated 250,000 jobs that this new project is likely to create.

August 3, 2022: Speaking in Abuja, in front of President Muhammadu Buhari, the “Minister of Transportation, Mu’azu Sambo, announced that the Federal Executive Council (FEC) has approved the sum of $2.59 billion for the development of Badagry Deep Seaport under a Private-Public-Partnership (PPP) arrangement”.

Sambo also stated that the Badagry project, which is expected to make Nigeria a maritime hub in West Africa, is predicted to generate a revenue of in excess of US$ 53.6 billion; attract direct foreign investments; and boost Nigeria’s economy and the well-being of its residents.

The Public Private Partnership agreement will involve the private sector providing funds for the development of the port; and at the end of the 45-year concessionary period, the port will revert back to the Federal Government, via the Nigerian Ports Authority (NPA).

Development

The Badagry Deep Sea Port will be developed over four phases, with specific milestones over the concessional period of 45 years, before the port reverts back to the Federal Government of Nigeria. As Sambo noted: “This is to further the government’s goal of making Nigeria the maritime hub of the West and Central Africa sub-region”.