The Federal Executive Council (FEC) has approved $2.59 billion for the development of Badagry Deep Seaport project through a public/private partnership (PPP) arrangement.
Transportation Minister, Muazu Jaji Sambo announced this while addressing State House correspondents after the week’s virtual FEC meeting presided over by President Muhammadu Buhari in Abuja.
The minister said the project would be funded by private partners, and that on completion, the project would be run by the private partners for 45 years, after which it would be handed back to the Federal Government.
