Lagos State Economic Summit (Ehingbeti 2022) has been concluded, but the State is already counting the gains of the two- day event.
Governor Babajide Sanwo-Olu, at the event, received the approval to build the Badagry Deep Seaport, which was approved by the Federal Executive Council (FEC) last August.
The approval authorises and provides legal basis for the concession of the Badagry Deep Seaport, following the issuance of the Full Business Case Certificate by the Infrastructure Concession Regulatory Commission (ICRC) last April.
The $2.5 billion project, which will be funded through Public Private Partnership (PPP), will be built on approximately 496 hectares.
It will have 2,470m quay length container terminal, 560m quay length break bulk terminal, 360m quay length OSB terminal and minimum of 18m depth.
It is expected to generate 250,000 direct jobs, enhance Government revenue and operate under a Build Operate and Transfer (BOT) concession agreement.
