Babjide Sanwo-Olu, the governor of Lagos State, is on a campaign to develop every part of the city.
The Lagos state administration announced that the projected $2.5 billion deep-sea port in Badagry will generate $53 billion over the course of its concession time.
The Governor emphasised the importance of attracting development to every corner of the state, particularly a location like Badagry, which is frequently disregarded.
“The Deep Sea Port is part of an FTZ area seated on approximately 1,104 hectares of land, the FTZ comprises a Port Zone, Logistics Zone, Industrial Zone, and a Power Hub. The port upon completion will generate over $53bn within the concession period.” He said.
He added that it is anticipated that the port will generate about 250,000 jobs for citizens of the state.
The governor added that the port’s construction will give Lagos possibilities for training and growth, which unintentionally boosts tax collections, strengthens Nigeria’s maritime industry’s standing on the regional and international stage, and lowers transportation costs.
The federal government of Nigeria has given its approval for the public-private partnership initiative.
The minister of transport, Muazu Sambo stated, “development of the Badagry Deep Seaport, under the public-private partnership arrangement, where the private sector will inject money for the development of the port and at the end of the concessionary period, the port reverts to the Nigerian government through the Nigerian Ports Authority.
“The project approved by the council based on the final business case which was approved earlier by the Infrastructure Concession Regulatory Commission in line with extant laws stands at $2.59 billion. He added.
“It is to be developed in four phases and the concessionary period is 45 years.” He concluded.
