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FG Targets Over $2bn Revenue From Compliance Certificates For Port Projects

In its statutory bid to regulate the advancement of infrastructural development of Nigeria through Public Private Partnerships, the Infrastructure Concession Regulatory Commission (ICRC) has issued two Full Business Case Certificates of Compliance for new infrastructure projects.

The FBCs which were presented to the Minister of Transportation, Rotimi Amaechi, were for the concession of the Badagry Deep Seaport and the Floating Dry Dock for NIMASA.

Acting Director General of the ICRC, Mr Michael Ohiani who presented the certificates, informed the minister that both projects would generate over $2bn to the federal government and create over 5,800 jobs.

He said, “We have the opportunity to present the Full Business Case compliance certificate for the Badagry Deep Seaport and within the concession period it is going to generate over $2bn.

“For this project, the employment opportunity is over 5,000 direct and indirect jobs. We present this certificate for the benefit of all Nigerians.

“We also use this opportunity to present the FBC for the Floating Dry Dock for NIMASA. It is going to create over 800 jobs and will accrue over $65m within the period of the concession.”

The Badagry Port aims to address current infrastructure challenges and provide shipping lines and supply chain managers with the best productivity, location, flexibility and cost effectiveness to power the global supply chains of Nigeria’s leading brands.

The state-of-the-art multi-purpose facility will offer its customers superior uncongested hinterland connectivity and the deepest water in West Africa, thus creating a sustainable competitive advantage for Nigeria going forward.

When completed, the port will comprise: terminals (general cargo terminals, container terminals, RoRo & grain terminals), offshore supply basis, liquid bulk jetties, barge and rail terminal, among others.

The Badagry Port will also among other things, increase government revenues, facilitate foreign investments in required modern port infrastructure and reduce congestion within Apapa and Tin Can Island ports.

For the Floating Dry Dock, the revenue stream of the project is derived from services provided to Vessels.

Total revenue accruing to NIMASA for the 15 years concession period is put at $65,607,171 or N27.22bn.


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