Port Projects Of Over $4.7bn Approved For Delta Ondo And Lagos

Post created on 11:56 am

On Wednesday Federal Executive Council approved port development projects worth $4,713,841,477 in Ondo, Lagos and Delta States.

This was made known to State House pressmen by Ademola Adegoroye, the Minister of State for Transportation after the federal cabinet meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

Adegoroye said the council approved the development of Ondo Multi-Purpose Port, Ilaje, Snake Island in Lagos and Burutu in Delta State.

The said projects would be executed through a public-private partnership arrangement at no cost to the federal government according to the Minister.

Adegoroye said the Ondo port would cost the private developers the sum of $1,480,465,253 and would be concessioned for 50 years with the accruals to the concessionaire and the federal government expected to be $50bn and $2.6bn respectively.

While the Burutu port would cost $1,285,005,818; concessioned for 40 years with the concessionaire and the federal government expected to reap $125bn and $9bn respectively.

He also added that the Snake Island Port would gulp $974,185,203 and concessioned for 45 years with the concessionaire and the federal government receiving $18bn and $5.23bn respectively in accruals within the period.