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Government approves N221.9b for Nigeria’s first deep seaport

05 December 2013, 14:06

Abuja - In order to end congestion at the various seaports in the country, the Federal Executive Council (FEC) on Wednesday approved an agreement for the development of the Lekki deep sea port in Lagos.

The Lagos deep seaport, the first ever in Nigeria, would be executed at the cost of N221.9 billion (about $1.345 billion), reports Nation.

The project, which would be executed through the Private-Public-Partnership arrangement, has been awarded to Lekki Ports LFTZ Enterprise for 45 years.

The federal government is expected to contribute 20 percent in terms of the project’s equity shares while the Lagos State government and private investors would contribute 18.5 percent and 61.85 per cent respectively.

Idris Umar, Minister of Transport, said the new seaport will create over 162 000 jobs and help reduce congestion at the various ports across the country.

Read more at Nation

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