The Federal Executive Council (FEC) has approved the development of the Badagry deep-sea port.
Special Assistant to President Muhammadu Buhari on Digital & New Media, Tolu Ogunlesi, disclosed this in a tweet on Wednesday.
According to Ogunlesi, the project is estimated to cost $2.594billion and would be fully financed by private investors.
The project would be concessioned for 45 years on Build-Own-Operate-Transfer (BOOT) Public Private Partnership (PPP) Model.
In April, Infrastructure Concession Regulatory Commission (ICRC) said the Badagry Deep Seaport is estimated to generate $2.6billion for the country.
Director General of the ICRC, Michael Ohiani had 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.
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