The federal government on Wednesday announced its plans to conclude the $2.56 billion (N793.6 billion) Badagry deep seaport by 2021.
This was disclosed by Lai Mohammed, minister of information and culture, who addressed the media alongside two other ministers at the state house.
Mohammed said the project would be funded by public-private sector partnership.
Babatunde Fashola, minister of power, works and housing, who also spoke on the project, said it remains in line with the government’s macroeconomic policies to fund its infrastructure.
“There is transparency and accountability on the private side of the economy than we have on the public side of our economic life,” he said.
“As for the Badagry port, well, it is a port that is long overdue… Our ports, in terms of technology, are behind maritime transport industry; there are bigger vessels being built across the world and they require larger depths in other to berth.
“Some of our competitors on the continent like Djibouti are building bigger ports, so if we don’t build this port, we risk becoming uncompetitive and we risk a threat to our maritime, in the sense that they become a port of trans-shipment instead of original destination.
“That is the business and economic basis for the development of this port. It all started in 2012, and it is interesting that all of the financing is coming from private sector and again that is consistent with what this government stands for in terms of allowing private capital… for the development of our people.”
Fashola added that the project was delayed by the failure of the immediate past administration of Goodluck Jonathan to grant approval for the project.
Rotimi Amaechi said the $2.558 billion needed would not be contributed by either the federal government or the Lagos state government.