The Federal Executive Council (FEC) of Nigeria approved $4,713 billion on Wednesday evening for the development of port initiatives in Lagos, Ondo, and Delta states.
The development of the Ondo Multi-Purpose Port in Ilaje, Snake Island in Lagos, and Burutu in Delta State was approved at a council meeting presided over by President Muhammadu Buhari at the State House in Abuja.
Prince Ademola Adegoroye, Minister of State for Transportation, briefed reporters after the meeting and stated that the projects will be executed through a public-private partnership (PPP) arrangement at no expense to the federal government.
According to him, Ilaje port will cost private developers $1,480,465,253 and will be concessioned for 50 years, with the concessionaire and federal government expected to receive $50 billion and $2.6 billion respectively.
According to him, the port of Burutu will cost $1,285,005,818; it will be concessioned for 40 years, and the concessionaire and federal government are expected to earn $125 billion and $9 billion, respectively.
The Snake Island Port will cost $974,185,203 and will be concessioned for 45 years, with the concessionaire and federal government receiving $18 billion and $5.23 billion in accruals, respectively, during the concession period.
