How Lagos Aims to Generate Over N23 Trillion in 45 Years

By Tolulope Oke

The Lagos State Governor, Babajide Sanwo-Olu, has stated the $2.9 billion Badagry Deep Seaport is anticipated to generate more than $53 billion (about N23 trillion) over the course of its concession tenure.

In a statement on Friday night, Sanwo-Olu made this disclosure and noted that the FTZ is made up of a Power Hub, a Port Zone, a Logistics Zone, and an Industrial Zone.

Sanwo-Olu noted that attracting development to every part of Lagos is a vital aspect of the long-term strategic plan for Lagos state.

“This is why the Badagry Deep Sea Port which has now been approved for a concession on approx. 496 hectares of land by the Federal Executive Council is very important.

“The Deep Sea Port is part of an FTZ area seated on approximately 1,104 hectares of land, the FTZ comprises of the Port Zone, Logistics Zone, Industrial Zone, and a Power Hub. The port upon completion will generate over $53bn within the concession period.”

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He pointed out that the port will provide an additional 250,000 employment, offer training and development opportunities to Lagos, boost government revenue, strengthen Nigeria’s marine sector’s standing on the regional and international stage, and lower transportation costs.

Recall that in August the Federal Government approved the sum of $2.9 billion for the development of Badagry Deep Seaport in Lagos State.

Minister of Transport, Muazu Sambo stated that “development of the Badagry Deep Seaport, under the public-private partnership arrangement, where the private sector will inject money for the development of the port and at the end of the concessionary period, the port reverts to the Nigerian government through the Nigerian Ports Authority.