The Federal Government has announced its commitment to advancing the Badagry Deep Sea Port project to enhance the country’s maritime infrastructure.
Adegboyega Oyetola, Minister of Marine and Blue Economy, disclosed that discussions are ongoing with both local and foreign investors interested in the project, as well as in broader port modernization efforts across the country.
According to a statement signed by Olujimi Oyetomi, Director Press and Public Relations, the minister made this known during a meeting with Didi Ndiomu, Chief Executive Officer, Badagry Port Development Limited.
According to him, the collaboration is expected to drive significant economic growth and boost Nigeria’s position as a key maritime sector.
Oyetola said that the Badagry Deep Sea project is of immense potential to the economic and maritime development agenda of President Bola Tinubu for Nigeria and ECOWAS. He added that the ministry will do whatever it can to help achieve the Badagry Deep Port Development Limited.
“I have met with some local and foreign investors who are interested in the Badagry Deep Sea Port as well as in other Ports modernization projects in Nigeria, and this administration is willing to work with these progressive investors,”.
On his part, Ndiomu revealed that the Badagry Deep Sea Port project which is divided into four phases is presently on the second phase which is the implementation and sourcing of strategic financial partners.
He disclosed that the proposed Badagry Deep Sea Port when completed alongside the Agge Port in Bayelsa State are the only natural ports in Nigeria.
“The natural depths are not man-made, hence they require no extra costs of sustaining the depths. This should spur investors to buy in on this initiative,”
Ndiomu urged the Federal Government to take a lead role in the drive to boost investors’ confidence in the Badagry Deep Sea Port Project and assured partners of the government’s commitment to infrastructural development in the country, given the current economic situation and the fluctuations of the exchange rate.
“Recall that the full business case compliance certificate for the Badagry Deep Sea Port was issued by the Infrastructure Concession Regulatory Commission (ICRC) in 2022, whilst the Federal Executive Council gave approval for development of the project on a Public Private Partnership (PPP) in the same year,”. Ndiomu stated.
