• Friday, March 01, 2024
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FEC approves $2.56bn for development of Badagry Port

Badagry Deep Seaport

The Federal Executive Council (FEC) on Wednesday approved $2.59 billion for the development of the Badagry Seaport under a private-public-partnership (PPP) arrangement.

Mu’azu Sambo, the minister of transportation, disclosed this while briefing State House journalists on the resolutions of the weekly FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa, in Abuja.

He said the port would be operated for a period of 45 years by the developers after which Nigerians will take over.

According to him, during the PPP lifespan, the project was expected to provide about 200,000 jobs and generate $53.6b billion revenue.

He added that the project was also expected to make Nigeria a maritime hub in West Africa.

“I’m pleased to announce to you and the general public that I presented a memo today at council with respect to the development of the Badagry Deep Seaport under public private partnership arrangement, where the private sector will inject money for the development of the port.

“At the end of the concessionary period, the port will revert to the Federal Government of Nigeria through the Nigerian Ports Authority (NPA).

“The project cost as contained and approved in council based on the final business case as approved by the Infrastructure Concession Regulatory Commission (ICRC) in line with extant laws, stood at $2.59 billion. It has to be developed in four phases with milestones and the concessional period of 45 years.

“Reversion is, like I said, to the Federal Government of Nigeria. This is to further the government’s goal of making Nigeria the maritime hub of the West and Central Africa sub-region.

“This project, it may interest you to know, will also generate a total revenue of over $53.6 billion over the concession period. It will create thousands of jobs and also attract foreign direct investments to the country. It will also help in improving Nigeria’s economy in general and the wellbeing of Nigerians”

Zainab Ahmed, the minister of finance, budget and national planning, said the council also approved the National Monitoring and Evaluation policy for the country.

The policy defines a framework for the institutionalisation of the practice of monitoring and evaluation (M&E) to promote good governance, learning and accountability for results that will contribute to improve socio-economic development of the country and enhance the wellbeing of the citizens.

Read also: Badagry seaport to generate $2.6bn when operational – FG says

The policy clarifies how M&E should be conducted in the country, institutional and financial arrangements and the modalities for feedback, especially from citizens so that decision makers can make effective use of evidence by government and stakeholders to inform policy strategies and investment.

According to her, “This M&E policy was developed in close collaboration with the states, development partners, academia and several experts and associations of monitoring and evaluation in Nigeria”

Mohammed Bello, the minister of Federal Capital Territory (FCT), announced that FEC also approved the procurement of utility vehicles, security gadgets and associated accessories to support security agencies operating in the FCT.

The items include 60 utility vehicles to be supplied by Coscharis Motors Limited, including communication equipment installed in the vehicles at the cost of N1.8bn with a delivery period of two months.

The council, he said, also approved the supply of various security gadgets and accessories to support security agencies in the FCT. The company to supply the items, he said, is Messrs E&S Technical Limited at the cost of N847,139,764.57, which brings the total cost of the two procurements to N2,682,248,378.52.