Governor Babajide Sanwo-Olu of Lagos State has gotten the approval to build the Badagry Deep Seaport.
The seaport was approved by the Federal Executive Council in August.
It was at the end of a two-day Lagos State Economic Summit (Ehingbeti 2022).
The approval authorizes and provides the 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 a 2,470m quay length container terminal, 560m quay length break bulk terminal, 360m quay length OSB terminal, and a 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.
Sanwo-Olu also signed a Memorandum of Understanding (MoU) with Siemens Energy Limited and German-owned Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) to set up an Energy Training Centre of Excellence at the Government Technical College in Ikorodu.
