ICRC: FG to rake in $2.6bn from planned Badagry seaport

The Infrastructure Concession Regulatory Commission (ICRC) says the Badagry Deep Seaport is estimated to generate about $2.6 billion for the country.

According to NAN, Michael Ohiani, acting director-general of the ICRC, said this when he led a team to visit Rotimi Amaechi, the minister of transportation, on Wednesday in Abuja.

Ohiani also presented the full business case compliance certificate for the Badagry Deep Seaport and the modular floating dockyard to the minister.

Speaking on derivatives of the projects, Ohiani said it would create a total ecosystem in terms of shipping, transportation, and job creation, amongst others.

He added that one of the most notable attributes of the Badagry port was that it would enable the country to compete favourably with the Cotonou seaport.

“In respect of the dry dock which is handled by NIMASA, the revenue that will come to the federal government within that period is $65 million and it’s going to create a job opportunity of over 800,000,” Ohiani said.

In his remarks, Amaechi thanked the ICRC for its diligence, saying that the presentation showed that the project was financially viable.

Amaechi said his ministry would write to the federal executive council for approval on the projects.