BY: Manoah Kikekon
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Under a Private-Public-Partnership (PPP) framework, the federal executive council (FEC) has endorsed $2.59 billion for the development of Badagry Seapor.
The information was provided by the transportation minister, Mu'azu Sambo, at the FEC meeting on Wednesday.
According to Sambo, the developers will run the port for 45 years before handing it over to Nigerians.
According to Sambo, the project would create roughly 200,000 jobs over the course of its PPP and bring in $56 billion in revenue.
He went on to say that the project will turn Nigeria into a West African maritime hub.
The Infrastructure Concession Regulatory Commission (ICRC) stated in April that the Badagry Deep Seaport would create a total ecosystem for shipping, transportation, and job creation, among other things.