The Nigerian government has approved the development of Lekki Deep Sea Port in Lagos as part of measures to end congestion at the Apapa and other ports across the country.
When completed, the deep sea port will be the first and is expected to generate more than $9 billion and 160,000 jobs.
This was part of the projects approved by the Federal Executive Council at its weekly meeting in Abuja on Wednesday.
Briefing correspondents after the meeting, the minister of transport, Idriss Umar, said the project under the Public-Private Partnership arrangement with 45 years concession would generate about $375 billion within the concession period.
“Under the concession development plan of the port, the Nigerian government has 20% equity share, Lagos State government has 18.5% while the investors will take the remaining 61.5%,’’ the minister explained.
“It is estimated that the investors will get not less than 375 billion Dollars, while the government is expected to receive nine billion dollars within the 45 years concession period,” Umar added.
The Council also approved a little above N31 billion for road constructions across the country.
The minister of state for works, Bashir Yuguda, said the money would be used to open up communities and ease the problems of transferring goods and services, especially farm produce across the country.
The projects are the Kankara-Gurbi Road in Katsina State, N1.4 billion; the Isoko Ring Road in Delta State, N2.1 billion; the Yashi-Duguri-Yalo Road (Duguri-Dungare-Yalo Section) in Bauchi State, N1.75 billion; the Jarmai-Bashar Road in Plateau State, N1.38 billion and the Wukari/Akwana Road in Taraba State, N3.97 billion.
Others are Ajase/Offa/Erin-Ike/Osun State Boundary Road in Kwara State, N1.24 billion; the Takum-Dongawa Road in Katsina-Alato Katum, N1 billion; the River Ebba Bridge at Cheche, Katcha LGS in Niger State, N1.48 billion; the Amanwaozuzu-Uzoagba-Eziama-Orie-Amaohia road in Imo State, N1.275 billion; the Benin/Adumagbae-Egba-Akure Road in Edo/Ondo States, N3.287 billion; the Nung Udoe-Etinan-Ekom-Iman Road in Akwa Ibom State, N2.383 billion and the Bida-Sacci-Nupeko Road in Niger State, N8.673 billion.