FG Approves PPP for Badagry Deep Seaport, to Generate $53.6bn

Nigeria’s Federal Executive Council (FEC) on Wednesday approved the development of the Badagry Deep Seaport on a built-own-operate transfer Public Private Partnership (PPP) arrangement.

The Minister of Transportation, Mu’azu Jaji Sambo disclosed this during an interview with journalists at the end of the FEC.

He explained that the private sector would inject money for the development of the port and at the end of the concessionary period, the port would revert to the federal government through the Nigerian Ports Authority (NPA), adding that the government was expecting to generate revenue of $53.6 billion over the 45 years concession period.

“The project cost as contained and approved in council based on the final business case as approved by the Infrastructure Concession Regulatory Commission (ICRC) in line with extant laws stood at $2.59 billion.

“It has to be developed in four phases with milestones and the concessional period of 45 years.

“Reversion is, like I said, to the Federal Government of Nigeria. This is to further the government’s goal of making Nigeria the maritime hub of the West and Central Africa sub-region.

“This project, it may interest you to know, will also generate a total revenue of over $53.6 billion over the concession period. It will create about one quarter million jobs and also attract foreign direct investments to the country and help in improving Nigeria’s economy in general and the wellbeing of Nigerians,” he said.

On the memo presented by her ministry at the council meeting, Ahmed said, “Today (Wednesday), the Federal Ministry of Finance, Budget and National Planning presented a policy memo to Council and the memo is on the National Monitoring and Evaluation policy for the country.

“The policy defines a framework for the institutionalisation of the practice of monitoring and evaluation (M&E) to promote good governance, learning and accountability for results that will contribute to improve socio-economic development of the country and enhance the wellbeing of citizens.”

Also, Minister of the Federal Capital Territory (FCT), Mohammed Bello, said Council approved the procurement of utility vehicles and accessories worth N2.68 billion for use by security agencies in Abuja as recent breaches of security continue to heighten anxiety in the federal capital, adding that the procurement include 60 Ford Ranger four-wheelers equipped with relevant gadgets, to be supplied by Coscharis motors, at a cost of N1.83 billion within two months.

The second part of the contract was for E&S Tech Limited to supply various gadgets and accessories to support security agencies in the FCT, at a cost of N847.13million.

The minister also said although the approval of the purchases was a regular gesture from government, it coincided with the aftermath of recent unprecedented security challenges in Abuja, including a major prison break and attack on presidential guards by terrorists.

“Today at the Federal Executive Council, I presented a memo for the procurement of utility vehicles, and security gadgets and associated accessories to support the security agencies operating within the Federal Capital Territory.

“These items are 60 utility vehicles to be supplied by Coscharis Motors Limited, including communication equipment installed in the vehicles at the sum of N1,835,108,613.95 with a delivery period of two months.

“In addition to that, Council also approved supply of various security gadgets and accessories to support security agencies in the FCT and the company providing these items is Messrs E&S Technical Limited at the total sum of N847,139,764.57, making the total of these two procurements the sum of N2,682,248,378.52.”

Answering questions on the concern raised by some civil society groups that the worsening insecurity in the country may affect the 2023 election, Minister of information and Culture, Alhaji Lai Mohammed, said nothing would stop next year’s general election.

His words: “There will be election I can assure you. The president has said he has given the security all the needed support. The Service Chiefs are doing their best and will continue to do their best.”

Mohammed also disclosed that the Secretary to Government of the Federation, Boss Mustapha, presented a memo to procure operational vehicles for the Independent Corrupt Practices and other related offences Commission (ICPC).

According to him, the ICPC made a request to procure 25 operational vehicles; 13 Toyota Hilux 2.7 litres and Peugeot 3008 SUV for a total sum of N810,534,380.72.

He explained that, “The need for the procurement is based on the fact that the ICPC has increased its activities and this has been occasioned by improved management, expansion of scope of operations, through establishment of more state offices across the country, increase in personnel, among others.

“As you know, the ICPC, today, has also taken over supervision of consistency in projects. The memo request was approved and is to Messrs. Kaura Motors Limited.”