For new infrastructure projects, the Infrastructure Concession Regulatory Commission has issued two Full Business Case Certificates of Compliance.
The FBCs submitted to Rotimi Amaechi, Minister of Transportation, were for NIMASA’s concession of the Badagry Deep Seaport and the Floating Dry Dock.
Mr Michael Ohiani, Acting Director-General of the International Committee of the Red Cross, who delivered the certificates, told the minister that both projects would generate over $2 billion in revenue for the federal government and create over 5,800 jobs.
“We have the opportunity to deliver the Full Business Case compliance certificate for the Badagry Deep Seaport, and it will produce over $2 billion over the concession period,” Ohiani said in a statement released by the commission on Thursday.
Over 5,000 direct and indirect jobs are expected to be created as a result of this initiative. This certificate is presented for the benefit of all Nigerians.
“We’ll also utilize this chance to introduce the FBC for NIMASA’s Floating Dry Dock.” It will generate over 800 employment and over $65 million in revenue throughout the course of the concession.”
The Badagry Port aspires to address present infrastructure difficulties by offering shipping lines and supply chain managers the highest productivity, location, flexibility, and cost-effectiveness in order to fuel Nigeria’s leading businesses’ worldwide supply networks. The cutting-edge multi-purpose facility will provide consumers with excellent uncongested hinterland connectivity and the deepest water in West Africa, giving Nigeria a long-term competitive advantage.
The port will have, among other things, terminals (general cargo, container, RoRo, and grain terminals), an offshore supply base, liquid bulk jetties, and a barge and rail terminal.
The Badagry port will enhance government revenues, encourage foreign investment in needed modern port facilities, and relieve congestion in the Apapa and Tin Can Island ports, among other reasons.
NIMASA is expected to earn $65,607,171 (N27.22 billion) over the 15-year concession period.
