The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced the readiness of the ministry to facilitate the process that would lead to the realization of the Badagry Deep Sea Port project.
He declared the readiness in Abuja on Tuesday during a meeting with the Chief Executive Officer, Badagry Port Development Limited, Didi Ndiomu which was held at the ministry’s headquarters in Abuja.
According to the minister, the Badagry Deep Sea project has immense potential for the economic and maritime development agenda of President Bola Ahmed Tinubu for Nigeria and ECOWAS.
Oyetola added that the ministry’s policy was programmed around the President’s agenda, hence the ministry will do whatever it could to help achieve the Badagry Deep Port Development Limited.
The minister also disclosed that he had met with some local and foreign investors who are interested in the Badagry Deep Sea Port as well as in other port modernization projects in Nigeria, and the administration is willing to work with the progressive investors.
He expressed appreciation for the efforts of the Badagry Deep Sea Development Company and applauded the team for their hard work, saying, “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 currently in 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 would be the only natural port in Nigeria, noting that the natural depths were not man-made, hence they require no extra costs of sustaining the depths. “This should spur investors to buy in on this initiative.”
He 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 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, while the Federal Executive Council gave approval for development of the project on a Public Private Partnership (PPP) in the same year,” he stated.
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