Maritime

FG approves development, expansion of Ondo, Snake Island, Burutu ports at $3 billion

FG approves development, expansion of Ondo, Snake Island, Burutu ports at $3 billion

 

The Federal Executive Council. (FEC), on Wednesday,approved development and expansion of three ports in Nigeria.

The ports include the multipurpose port in Ilaje, Ondo State, the Snake Island seaport in Lagos and the Burutu seaport in Delta State .

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According to the approval details, Ondo Port will be developed through a Public- Private Partnership (PPP) arrangement to the tune of $1.48 billion total private investment on a concession term of 50 years period.

Similarly, the Snake Island port, Lagos will be developed and expanded through the same PPP model to the tune of a $ 974.1 million private investment outlay on a concession term of 45 years period while the expansion and development of Burutu port, Delta state will gulp the total sum of $1.2 billion private investment outlay on a concession term of 40 years period.

The FEC meeting was presided by President Mohammad Buhari while the Minister of Transportation, Alhaji Muazu Sambo presented the memo to the council for approval. ..

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