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BMO lauds Buhari's approval of $2.5bn for Badagry seaport

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President Buhari

The Buhari Media Organisation (BMO) has lauded President Muhammadu Buhari for approving $2.5billion for the development of Badagry Deep Seaport in Lagos State.

This is contained in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke.

According to BMO, the approval has reaffirmed the commitment of the President’s philosophy of private sector leadership in its economic development agenda.

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.

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Describing the Badagry Deep Sea project as a game-changing infrastructural project, BMO commended the President and his administration for their 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 the 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.

NAN

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