Approval of $2.5bn for Badagry seaport shows Buhari’s belief in diversifying economy -BMO

The approval of 2.5billion dollars for the development of Badagry Deep Seaport in Lagos State has reaffirmed the commitment of President Muhammadu Buhari’s philosophy of private sector leadership in its economic development agenda.

The Buhari Media Organisation (BMO) said the gesture also shows a strong determination by the Buhari administration to diversify the nation’s economy.

The Badagry Seaport will be executed under a Public Private Partnership (PPP) scheme in which the private sector will inject money into the port project and manage it for 45 years before the final takeover by the Federal Government.

The project will be developed in four phases and help the country generate total revenue of 53.6 billion dollars over the concession period as well as create jobs and attract foreign direct investments, culminating in an improvement of the wellbeing of Nigerians.

In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, BMO described the Badagry Deep Sea project as a game-changing infrastructural project and commended the President and his administration for its determination to make a major impact in trade and commerce.

“We believe that this project will be of great value to Nigeria, in terms of employment generation, increase in port capacity, and as well improve shipping business. Besides, it will ease congestion in Nigerian premier port in Apapa, Lagos and become one of the most modern ports in West Africa and support the growth of commercial operations in the region.”

The group urged all stakeholders in the Badagry Deep Sea project to play their assigned roles in line with the rules and regulations guiding the project and work assiduously to ensure its timely delivery, adding that “the Buhari administration will continue to provide an enabling environment for local and foreign investors to thrive”.