The Nigerian government has approved the construction of what will become the deepest Deep Sea Port in West Africa with a depth of 300 metres at the cost of US$1.354 billion.
“The current administration, seeing the huge benefit of the project, had taken over the project to be executed under a PPP (public private partnership) arrangement, while (the) Federal Government also renegotiated the concessionary period in favour of Nigeria from 50 down to 45 years,” Information Minister Labaran Maku was quoted as saying by local newspapers Thursday.
When completed in four years’ time, the Deep Sea Port will help to end the congestion at the various ports in the country.
It will be the fourth sea port in Lagos, complement the existing Apapa, Tin Can Island and Roll-in-Roll-Out ports in the commercial city.
The Nigerian government is expected to contribute 20% equity to the port, Lagos state government 18.5% and a consortium of private investors 61.85%.
The port is designed to handle the largest vessels in the world and some four million tons of cargoes.
In terms of employment opportunity, the port will create over 162, 000 jobs and help to facilitate decongest the various ports that were built to handle 60,000 tones, but which are now handling over 100,000 tones.