In April, the Infrastructure Concession Regulatory Commission submitted the Full Business Case Compliance Certificate for the $2.59bn deep seaport to be fully financed by private investors.
This is the second deep seaport project in the country with a total development area of 692.6hc and a channel of 18m draft with a single access channel length of 8.9km from the fairway buoys.
The Badagry deep seaport project is a 45years Build-Own-Operate-Transfer Model.
The FBC and financial projections justify a term of 45 years for the initial term of the concession comprising of a 5-year construction period and 40 years during which the proponent is to operate the port.
