In two years time, 2025, the construction of the Badagry Port could be completed as investors are currently putting the funding together and all the approvals are being sorted, the Governor of Lagos State, Babajide Sanwo-Olu has revealed.
Sanwo-Olu disclosed this in a meeting with the Acting Comptroller-General of the Nigeria Customs Service, Bashir Adeniyi, at the Lagos House, Marina.
The Governor added that the new port would enable the Nigerian government to raise revenues and taxes through trade and boost the economy.
Construction and launch
Sanwo-Olu noted that the state government was already in touch with a contractor for the construction of the Badagry Port, urging that investors are putting the funding together to complete the project by 2025, he said:
”The whole idea is to build strategic infrastructure for our citizens. Lekki is on the Eastern part and Badagry on the Western part, so that we can decongest Apapa and Tincan, which we have stretched beyond their capacities.
”We need to think forward and I am happy that investors are putting the funding together and all the approvals are being sorted so that in two years, we might also have a brand new port.
The Lagos Governor added that the construction of the Badagry port will ensure that things can move in and out and Lagos can begin to compete with some of the nice ports we see around the world, so that we can improve the revenue earning of government and be able to do any other things,” he said.
He added that the Lagos state government would continue to partner with the Nigeria Customs Service to ensure the turnaround of the ports in the state, urging that his administration is committed to making Lagos a business destination for as many investors as possible, so as to improve the economic prosperity of the state.
”I want to assure you that Lagos and Lagosians will continue to give you hospitality; a place of comfort and a willing environment where business can thrive, where officers can do their work without fear or favour, and where service can be rendered to our citizens, your customers, and the international community at large.
”We will continue to work together, and because of where we are as a country and the need to increase our export, foreign currency and ensure that we are not a mono-product country that relies only on oil, we will encourage our manufacturers to export, so that they can drive more foreign direct investment and foreign currency that can help to improve our currency,”
The Acting Comptroller-General of the Nigeria Customs Service, Bashir Adeniyi, commended the Sanwo-Olu-led administration, adding that Lagos, as the economic nerve centre of Nigeria, generated 70 to 75 per cent of Customs revenue in the country, adding:
”For us to be able to excel at our full potential, we need a peaceful working environment.
“I want to assure the governor that as responsible officers and agencies of government, we will live up to our civic responsibilities, and more importantly, we will operate within the framework of the law.
What you should know
Last year, the Federal Government of Nigeria approved the sum of $2.9 billion for the development of Badagry Deep Seaport in Lagos State.
This was disclosed by the ex- Ministers of Transport, Muazu Sambo, and that of Federal Capital Territory (FCT), Mallam Muhammed Bello on Wednesday in Abuja.
The Minister stated that the Badagry project will be executed under a Public Private Partnership (PPP) scheme, citing the private sector will inject money into the port and manage it for 45 years.
Sambo said, “I presented a memo at the council, with respect to the development of the Badagry Deep Seaport, under the public-private partnership arrangement, where the private sector will inject money for the development of the port and at the end of the concessionary period, the port reverts to the Nigerian government through the Nigerian Ports Authority.
“The project approved by the council is based on the final business case which was approved earlier by the Infrastructure Concession Regulatory Commission in line with extant laws stands at $2.59 billion.
“It is to be developed in four phases and the concessionary period is 45 years.”