The Governor of Lagos State, Babajide Sanwo-Olu has said that the $2.9 billion Badagry Deep Seaport is expected to generate over $53billion within its concession period.
Sanwo-Olu disclosed this in a statement on Friday evening, citing that the FTZ comprises of Port Zone, Logistics Zone, Industrial Zone, and a Power Hub.
Nairametrics reported in August that the FEC stated the port would be constructed in four phases and the concessionary period is 45 years.
Sanwo-Olu noted that attracting development to every part of Lagos is a vital aspect of the long-term strategic plan for Lagos state.
Badagry Deep SeaPort To Generate $53 Villion, Create 250,000 Jobs – Sanwo-Olu
“This is why the Badagry Deep Sea Port which has now been approved for a concession on approx. 496 hectares of land by the Federal Executive Council is very important.
“The Deep Sea Port is part of an FTZ area seated on approximately 1,104 hectares of land, the FTZ comprises of the Port Zone, Logistics Zone, Industrial Zone, and a Power Hub. The port upon completion will generate over $53bn within the concession period.”
He noted that the port will create an additional 250,000 jobs and will provide training and development opportunities to Lagos, also increasing government revenue, improving the regional and global position of Nigeria’s maritime sector, and reducing transportation costs.