The concessioning of three ports by the Federal Executive Council (FEC) would generate $3.7 billion in revenue for Nigeria, the Infrastructure Concession Regulatory Commission (ICRC) has revealed.
The Director-General, ICRC, Micheal Ohiani said this in a statement signed by Ifeanyi Nwoko, Acting Head, Media and Publicity, ICRC, in Abuja on Friday.
Ohiani said FEC approved the renovation of the Burutu Port and the establishment of a Deep Sea Port in Delta state under Public Private Partnership (PPP).
He said others included the development of Ondo Port and the development of the Snake Island Terminal in Lagos.
Ohiani said FEC also approved the commencement of the Park and Pay initiative in some parts of the Federal Capital Territory (FCT) and the rehabilitation of Police Quarters in Ikeja, Lagos.
He said FEC also approved the concession of the Nnamdi Azikiwe International Cargo Airport, Abuja; the Malam Aminu Kano International Airport, Kano as well as the Expatriate Employment Levy.
Ohiani said the approvals were given following the issuance of Full Business Case (FBC) Certificates of compliance by ICRC.
The Director-General said the eight approved concessions were the highest approval given by FEC in a single sitting.
Ohiani said that the latest approvals brought the total number of concession projects that have gotten the consent of the FEC in 2023 to 30.
According to the Director-General, the Burutu Port in Delta State was approved for a concession period of 40 years and at a total cost of $1.28 billion. He said it would be executed in three phases by the concessionaire, Akewa Colmar Terminals Limited.
He said the Ondo Multi-Purpose Deep Seaport at Erunna/Ogboti is to be executed in two phases by the Consessionaire, China Railway Eryuan Engineering Group Co., Ltd.
“The first phase is at the cost of $1.14 billion while the second phase will cost $317 million,” he said.
Ohiani said the Snake Island Terminal was a multipurpose port facility located within the Snake Island Integrated Free Zone (SIIFZ) and operating within the limits of Apapa and Tin Can Ports.
He said the project was approved at 974.19 million dollars for a 45-year term, with Messrs Nigerdock and SIIFZ as the concessionaire.
He said the on-street park and pay services had received approval to be deployed in some parts of the FCT, with multiple operators/concessionaires to handle different zones.
Ohiani said the Expatriate Employment Levy (EEL) project seeks to boost the revenue generation of the country through the imposition of levies on companies that employ expatriates.
“It aims to discourage employers from hiring expatriates for jobs that could easily be done by Nigerians. The project will employ a robust ICT System for the collection of EEL,” he said.
Ohiani said the Nnamdi Azikiwe International Cargo Airport Abuja (NAIA) concession would be executed at 86 million dollars, operated for a 20-year concession by Corporacion America Mota Engil Consortium.
Ohiani said the concession for Kano International Airport was approved for $17.48 million, to be executed by Corporacion America Mota Engil Consortium for a 30-year term and
For the Comprehensive Redevelopment of the Police Quarters, Ikeja, Lagos, he said the project seeks to replace the existing dilapidated physical structures at the current site.
“FEC’s approval for this project was for a cost of N7.4 billion, a lease of 50 years, and an expected revenue of N16.7 billion,” he said.Follow us on social media