Khadijat Yusuf
Abuja
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has declared the readiness of his ministry to facilitate the process that would lead to the realization of the Badagry Deep Sea Port project.
The Minister made this known on Tuesday, August 20, 2024, during a meeting with the Chief Executive Officer, Badagry Port Development Limited, Didi Ndiomu. The meeting was held at the ministry's headquarters in Abuja.
Oyetola stated that the Badagry Deep Sea project is of immense potential to the economic and maritime development agenda of President Bola Ahmed Tinubu for Nigeria and ECOWAS.
According to the minister, 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 Port Development Limited.
Speaking further, Oyetola revealed that he has met with some local and foreign investors who are interested in the Badagry Deep Sea Port as well as other Ports modernization projects in Nigeria, assuring that the administration is willing to work with these progressive investors.
He expressed appreciation for the efforts of the Badagry Deep Sea Development Company and applauded the team for their hard work as "they have overcome a lot of obstacles to have come this far."
In his presentation, the Chief Executive Officer, Badagry Port Development Limited, Didi 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.
Didi disclosed that the proposed Badagry Deep Sea Port when completed alongside the Agge Port in Bayelsa State are the only natural ports in Nigeria, noting that the natural depths are not man-made, hence they require no extra costs of sustaining the depths. This he said should spur investors to buy in on the initiative.
Didi further urged the Federal Government to take a lead role in the drive to boost investors’ confidence in the Badagry Deep Sea Port Project and give assurance to the international community of FGN’s commitment to the infrastructural development of the country, given the current Nigeria's economic situation and the fluctuations of the exchange of her currency vis-a-vis other major currencies in the world.
"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", it was further revealed.
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