November 29, (THEWILL) – Lagos State Governor, Babajide Sanwo-Olu, on Tuesday, said the groundbreaking ceremony of the Badagry Deep Sea Port will be done before the end of this year.
Sanwo-Olu disclosed this on Tuesday, at the second edition of the RT200 Bi-annual Summit organised by the Central Bank of Nigeria (CBN), in Lagos.
The event highlights the gains made in the RT200 Foreign exchange programme of the CBN, which targets $200BN repatriation from non-oil exports over the next 3-5 years.
The programme promises a rebate of N65 for every dollar repatriated from non-oil export proceeds sold to the Investors’ and Exporters’ Foreign Exchange Window.
Sanwo-Olu acknowledged the need for the CBN and government collaboration in the facilitation of exports outside Nigerian shores.
He said, “We have given approval for the Badagry Deep Sea Port as well. The groundbreaking ceremony will happen before the end of this year.”
The Federal government approved $2.59bn for the Badagry Deep Sea Port project.
The concession of the ports on a Build Own Operate and Transfer (BOOT) Public Private Partnership (PPP) model is expected to generate over $53 billion within 45 years.
The Governor had said in March, that the project will commence in June.
Sanwo-Olu said the world is going through economic turmoil and the country must not make excuses but rather “take the bull by the horn.”
According to him, the Lagos state government has done the first phase of the six-lane 19 kilometres highway to support the newly commissioned deep sea port.
“In Lagos State, it is really about how well are we using our space to be able to provide the well-needed opportunity and the needed infrastructure development. For us as a government, we are not just saying it, we are doing it. We are happy that within the first tenure of our government in the last three and half years, we were able to start and complete the Lekki Deep Sea Port.
“This is a clear testimony of the private sector working with a forward-looking public sector government. We signed an export loan with them in 2019 and they did promise that in two and half years, they will complete the port.
“Even with the one year of Covid, we were able to deliver the project on time. Am happy to announce that the Lekki deep sea port has been completed fully. We are just waiting to receive the first shipments of vessels that will start the commercial transaction and Mr President has assured us that in the month of December, that port must go commercial and must start work in earnest”, he said, adding that with the ports, exporters will not have excuses regarding access to Lagos ports.