The Federal Executive Council (FEC) on Wednesday approved port development projects worth $4,713,841,477 in Ondo, Lagos and Delta States.
The council presided over by President Muhammadu Buhari at the Presidential Villa, Abuja on Wednesday gave the go ahead for the development of Ondo Multi-Purpose Port, Ilaje, Snake Island in Lagos and Burutu in Delta State.
The Minister of State for Transportation, Prince Ademola Adegoroye, who briefed correspondents on the matter after the meeting, said the projects are to be executed through public private partnership arrangement at no cost to the federal government.
He said the Ondo port will cost the private developers the sum of $1,480,465,253 and would be concessioned for a period of 50 years with the accruals to the concessionaire and the federal government expected to be $50 billion and $2.6billion, respectively.
He said the Burutu port will cost $1,285,005,818; concessioned for 40 years with the concessionaire and the federal government expected to reap $125billion and $9 billion respectively.
The Snake Island Port will gulp $974,185,203 and be concessioned for 45 years with the concessionaire and the federal government receiving $18billion and $5.23billion respectively in accruals within the period.
“Today the Federal Ministry of Transportation presented before the Federal Executive Council, under the chairmanship of Mr. President and the memos are for, one the approval for the expansion and development of Snake Island Seaport in Lagos State, through public/private partnership arrangement.
“The second is for the expansion and developments of the Burutu Seaport project. Burutu is in Delta State. Burutu Port project, again through public/private partnership.
“The last but not the least, and probably the most important, the Ondo Multipurpose Port in Ilaje, Ondo State and I’m pleased to announce to you, gentlemen of the press, that the Federal Executive Council today considered the memos that we presented, looked at them thoroughly, checked if the processes and procedures have been complied with and graciously approved the three memos, at no cost to the government of the Federal Republic of Nigeria.
“We’re of the opinion that by the grace of God we’re expanding the maritime space in Nigeria, we’ll be creating more and better employment for our people, we’re facilitating both local and international trades.”
“On behalf of the government and of people of Ondo State, because that’s where I come from, let me use this opportunity to appreciate Mr. President and the Federal Executive Council of Nigeria, for this wonderful feat that we’ve achieved today.
