Adegboyega Oyetola, minister of Marine and Blue Economy, has said that the Ministry is ready to facilitate the process that would lead to the realisation of the Badagry Deep Seaport project.
The Minister disclosed this in Abuja on Tuesday, during a meeting with Didi Ndiomu, chief executive officer of Badagry Port Development Limited.
Oyetola said that the Badagry Deep Seaport project portends immense potential to the Federal Government as it aligns with President Bola Tinubu’s administration’s objectives.
According to him, 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 Seaport project.
Pointing out that he met with some investors who are interested in investing both locally and internationally, Oyetola lauded the efforts of the company in overcoming obstacles to get to where they are.
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In his presentation, Didi Ndiomu, chief executive officer of Badagry Port Development Limited, said 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 disclosed that the proposed Badagry Deep Seaport alongside the Agge port in Bayelsa are the only natural ports in the country.
He said the port has natural depth and there would be no extra costs of sustaining the depth, which would spur investors to buy into the initiative.
He urged the Federal Government to take a lead role in the drive to boost investor confidence in the Badagry Deep Seaport Project and assure the international community of the government’s commitment to the infrastructural development in Nigeria, given the current economic situation and the uncertainties of the currency fluctuations.
The Full Business Case Compliance Certificate for the Badagry Deep Seaport was issued by the Infrastructure Concession Regulatory Commission (ICRC) in 2022 while the Federal Executive Council gave approval for the development of the project on a Public Private Partnership (PPP) in the same year.
