The Federal Government of Nigeria has approved $2.59 billion for the development of Badagry Seaport under a Private-Public-Partnership (PPP) arrangement.
This was disclosed by Mu’azu Sambo, minister of transportation, at the FEC meeting on Wednesday.
Sambo said the port would be operated for 45 years by the developers, after which Nigerians would take over.
Sambo said during the PPP lifespan, the project would provide about 200,000 jobs while generating a revenue of $56 billion.
He added that the project is expected to make Nigeria a maritime hub in West Africa.
