In a monumental move to drive economic growth and prosperity, the Federal Executive Council (FEC) has given the green light to an astounding $4,713,841,477 for the transformative development of the Ondo Multi-Purpose Port, Ilaje; the iconic Snake Island in Lagos, and the bustling Burutu Port in Delta State.
The historic approval was announced during a high-stakes FEC meeting, which was expertly chaired by none other than President Muhammadu Buhari at the awe-inspiring Presidential Villa in Abuja.
With the nation’s future in mind, the Minister of State for Transportation, Prince Ademola Adegoroye, unveiled the council’s authorization for the development of these three game-changing ports. He emphasized that these visionary projects would be executed through dynamic Public-Private Partnership (PPP) arrangements, ensuring that they come at absolutely no cost to the Federal Government.
The jewel in this transformative trio, the Ondo port, is poised to make an extraordinary impact. With a price tag of $1,480,465,253, this cutting-edge port facility will be under concession for an impressive 50-year period. The anticipated gains for the concessionaire and the Federal Government are mind-boggling, projected to reach an astonishing $50 billion and $2.6 billion respectively. This massive injection of capital will undoubtedly catalyze exponential growth and prosperity for the entire region.
Meanwhile, the Burutu port, a veritable economic powerhouse, is set to receive a staggering investment of $1,285,005,818. With a concession period of 40 years, the expected returns for the concessionaire and the Federal Government are astronomical, projected to soar to an awe-inspiring $125 billion and $9 billion respectively. This ambitious endeavor will pave the way for unparalleled opportunities and unlock the untapped potential of the Delta State region.
Not to be outdone, the iconic Snake Island Port will undergo a jaw-dropping transformation, gobbling up a formidable $974,185,203 investment. With a concession period of 45 years, the anticipated gains for the concessionaire and the Federal Government are set to skyrocket, estimated at a mind-blowing $18 billion and $5.23 billion respectively. This visionary project will position Lagos as a global maritime hub, attracting tremendous investment and propelling Nigeria to new heights of economic supremacy.
This groundbreaking move by the FEC demonstrates the government’s unwavering commitment to driving progress and prosperity across the nation. By harnessing the power of strategic partnerships and forward-thinking investments, Nigeria is poised to unleash an economic revolution, creating countless jobs and opening a world of opportunities for its citizens.
As the nation eagerly awaits the commencement of these transformative projects, the ripple effects are already being felt, igniting a renewed sense of hope and excitement in the hearts of Nigerians. The $4.7bn investment marks a pivotal moment in the nation’s history, propelling Nigeria towards a future filled with unparalleled growth, prosperity, and global acclaim.