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.<\/p>\n
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.<\/p>\n
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.
\nAccording 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.<\/p>\n
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.
\nThe 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":3,"featured_media":1970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"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.","_seopress_robots_index":"","footnotes":""},"categories":[37,35],"tags":[],"class_list":["post-1967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/1967"}],"collection":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/comments?post=1967"}],"version-history":[{"count":1,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/1967\/revisions"}],"predecessor-version":[{"id":1971,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/1967\/revisions\/1971"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media\/1970"}],"wp:attachment":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media?parent=1967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/categories?post=1967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/tags?post=1967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}