FEC Okays fund for Badagry Seaport Development

Federal Executive Council (FEC) has approved the sum of two point five-nine billion dollars billion for the development of Badagry Deep Seaport under a Private-Public-Partnership arrangement.

Minister of Transportation, Mu’azu Sambo, stated this while briefing newsmen on the outcome FEC presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

He said it will be concession to the developers for a period of forty five years after which it will revert to the federal government.

According to him, during the period, the project is expected to provide about a quarter of a million jobs while generating a revenue of about fifty-three point billion.