By Yemi Olakitan
According to the Badagry Port Development Ltd. (BPDL), the promoters of the recently approved Badagry Deep Seaport project, the project will result in the creation of 250,000 jobs under the auspices of a Private-Public Partnership.
The Project Manager for BPDL, Mr. Oludele James Clinton, made this information public in a statement that was released on Tuesday in Lagos.
Clinton characterized the project as a strategic step toward the development of Nigeria as a global maritime hub and said it was an important part of the project.
The project is expected to bring in revenue of $53.6 billion and create approximately 250,000 jobs, in addition to transforming Nigeria into a maritime hub in West Africa.
When it opens for business, The Seaport is going to be Africa’s largest and most technologically advanced seaport, according to him.
In addition, Clinton stated that the project would assist in optimizing the potential of the maritime environment.
He stated that “it would help to maximize this extraordinary maritime potential, especially given the strategic location of Badagry in the region.” “It would help to maximize this extraordinary maritime potential,” he said.
The Minister of Transportation, Mu’azu Sambo, was cited by Clinton as saying that under a Build-Own-Operate-Transfer delivery system, the port would be operated by the private sector for 45 years, after which it would be reverted to the government. After that time period, the port would be returned to the government.
“Nigeria is strategically located at a significant point in the Atlantic Ocean, with approximately 853 kilometres of coastline. This provides us with a geographic advantage to become a maritime hub for not only the West and Central African region, but also for the entire maritime trading world.”
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In addition, more than 70 percent of all cargo headed for West and Central Africa is destined for Nigeria, giving the country a significant competitive advantage in the commercial sector.
In his words, Sambo said, “I presented a memo today at council with respect to the development of the Badagry Deep Seaport in accordance with the public-private partnership arrangement.”
“The private sector will put money into the development of the port, and at the end of the concessionary period, the port will revert to the ownership of the Federal Government of Nigeria through the Nigerian Ports Authority.
“The project cost as contained and approved in council stood at $2.59 billion at the time, based on the final business case which was approved by the Infrastructure Concession Regulatory Commission in line with existing laws,”
“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 total revenue of over $53.6 billion over the concession period,” he said. ”
Babajide Sanwo-Olu, the governor of Lagos State, made this statement when he was asked about the strategic significance of the port: “the Project is not just one project.”
“It is a multi-level opportunity for progress for all of the people in this state in view of the volume of trade and the quantity of investment opportunities that would spring up in the area when the project begins, and when it is completed and operational.”
According to him, employment opportunities and the development of skills for the large number of young people and women living in the communities will be given top priority.
“In addition to facilities for handling containers, dry bulk, liquid bulk, roll-on-roll-off, and general cargo, the port will also include support for oil and gas operations,” he said.
According to the news agency NAN, Quinn McGrath Marine & Environmental Services Ltd. (QMMESL), an indigenous formidable maritime investment subsidiary of the Quinn McGrath Group, is the sole owner of BPDL.
