The Nigerian Ports Authority has disclosed that the development of a $1 billion Multipurpose Deep Seaport in Ondo state has received approval from the Nigerian government.
According to Nairametrics, in order to present the Full Business Case for the port, The Ondo State Coordinator for Special Projects, Mr. Boye Oyewumi, and Managing Director of the Nigerian Ports Authority, Mr. Mohammed Bello-Koko, met on Thursday.
The head of the NPA emphasized that the Port, like the just-opened Lekki Deep Seaport, would be financed via a public-private partnership approach.
According to Bello-Koko, the NPA will cooperate with the Federal Ministry of Transportation and other pertinent organizations to secure clearances so that the port could begin operations through a Public Private Partnership.
He promised that the port’s location on the Ondo State coastlines will receive the necessary permits.
He added that the Ondo State project will be completed in line with NPA’s commitment to establishing an environment that is conducive to the development of future deep seaports.
The Ondo Port is anticipated to serve parts of the Southwest that are geographically distant from the coastlines of Lagos but closer to Ondo, despite being in the same general area as Lagos state, which already has operational ports.
The governor of Ekiti State, Biodun Oyebanji, stated in November of last year that the landlocked state will greatly profit from the port. He said:
“The marine industry plays a key role in both Nigeria’s imports and exports. Ports serve as the hub of the blue economy, which also includes the export and import of products and people.
“Among other things, tourism and leisure, fishing, aquaculture, and more contemporary innovations like offshore renewable energy.
“Therefore, it is anticipated that Ondo Port will play a crucial role in the growth of the economies of Ondo State and its neighbors, including Ekiti.”
“Therefore, the construction of a seaport in Ondo state will be extremely advantageous to Ekiti. When one takes into account the fact that Ekiti is a landlocked state, the significance of the proposed port becomes even more apparent.”
He noted that the development of the Ondo seaport is anticipated to yield numerous investment opportunities and economic benefits.
He continued by saying that the port will also enhance both the general prosperity of Ondo state and Ekiti as well as the economics of production and distribution for businesses in those two states.