The Chief Executive Officer of the Badagry Port Development Limited, Didi Ndiomu, has announced that the $2.59bn Badagry Deep Seaport project is currently in its second phase, which involves implementing the plan and finding strategic financial partners.
He revealed that the project is divided into four phases.
This was disclosed in a statement issued by the Director of Press and Public Relations at the Ministry of Marine and Blue Economy, Olujimi Oyetomi, according to The Punch.
In the Tuesday statement, Ndiomu disclosed this during a meeting with the Minister of Marine and Blue Economy, Adegboyega Oyetola, in Abuja.
The governor of Lagos State, Babajide Sanwo-Olu declared on March 1, 2022, that the $2.59 billion Badagry Deep Seaport project—which is anticipated to be among the biggest in Africa—would begin operations in June.
Sanwo-Olu made this statement in Badagry during a stakeholders’ meeting on the Badagry Deep Seaport and Free Zone Project.
Recall that the Full Business Case Compliance Certificate for the Badagry Deep Seaport was issued by the Infrastructure Concession Regulatory Commission in 2022, while the Federal Executive Council approved the development of the project on a Public Private Partnership in the same year.
Ndiomu explained that the planned deep seaport, when completed alongside the Agge Port in Bayelsa, is the only natural port in the country.
“The project, which is divided into four phases, is presently in the second phase, which is the implementation and sourcing of strategic financial partners,” Ndiomu said.
Since the depth is natural and not artificial, he claims that “no additional costs of sustaining the depth should spur investors to buy into this initiative.”
He also urged the Federal Government to spearhead efforts to increase investors’ confidence in the project.
Ndiomu also urged the government to reassure the international community of the government’s commitment to the infrastructural development of Nigeria, “given the current Nigerian Economic situation and the uncertainties of the currency fluctuations,”
Meanwhile, Oyetola said that the ministry is prepared to assist in the steps necessary to bring the initiative to fruition.
Oyetola pointed out that the project has immense potential for the Federal Government as it aligns with President Bola Tinubu’s objectives.
The ministry’s policy is tailored in line with the President’s agenda, and so the ministry will do whatever it can to help achieve the Badagry Deep Sea project,” Oyetola said.
