FG Approves Development of $1.4 Billion Lekki Deep Sea Port

The desire of the Federal Government to expand its ports in the country received a boost with the Federal Executive Council (FEC) meeting presided over by Vice President Namadi Sambo, approving the development of the Lekki Deep Sea Port in Lagos State at the cost of $1.4 billion.

It also approved the construction of 12 different roads across the country at the cost of N30 billion with different completion periods.

Addressing State House correspondents at the end of the meeting, the Minister of Transport, Senator Idris Umar said the port will be developed under Public Private Partnership arrangements for a concession period of 45 years to be undertaken in favour of  Messrs Lekki Ports LFTZ Enterprise at an estimated cost of $1.4 billion with a completion period of four years.

The Minister of Transport, throwing more light on the project, said the Federal Government has 20 per cent equity under the arrangement, the Lagos State Government has 18.5 per cent equity while the private investors have 61.85 per cent equity. Meanwhile, the Minister of State for Works, Ambassador Bashir Yuguda said the Council also approved the construction of nine roads across the country, saying the federal government wants to maximise the dry season period.

He said the roads are scattered all over the country and  is done to fast track the development of infrastructure in the country in line with the transformation agenda of Mr. President