The Minister of Marine and Blue Economy, Adegboyega Oyetola, has expressed his ministry’s commitment to facilitating the realisation of the Badagry Deep Sea Port project.
This declaration was made during a meeting with the chief executive officer of Badagry Port Development Limited, Didi Ndiomu held at the ministry’s headquarters in Abuja.
Oyetola highlighted the significant potential of the Badagry Deep Sea Port project in advancing the economic and maritime development agenda of President Bola Tinubu, not just for Nigeria but also for the broader ECOWAS region. He emphasised that the ministry’s policies are aligned with the President’s vision, and therefore, the ministry is fully prepared to support the Badagry Deep Sea Port Development initiative.
The minister also revealed that he has engaged with both local and international investors who have shown interest in the Badagry Deep Sea Port as well as other port modernisation projects across Nigeria. Oyetola assured that the administration is eager to collaborate with these investors to bring these projects to fruition.
This was disclosed in a statement signed by the ministry’s director of press and public relations, Olujimi Oyetomi. The minister commended the efforts of the Badagry Deep Sea Development Company, praising the team for their perseverance and the substantial progress made despite numerous challenges.
During the meeting, Ndiomu provided an update on the project, explaining that the Badagry Deep Sea Port development is divided into four phases and is currently in the second phase, which involves the implementation and securing of strategic financial partners.
Ndiomu pointed out that, along with the Agge Port in Bayelsa State, the Badagry Deep Sea Port is one of the only natural ports in Nigeria. He noted that the natural depths of these ports, being non-man-made, eliminate the need for costly maintenance, making them attractive to investors. He urged the Federal Government to take a leading role in boosting investor confidence in the project and to assure the international community of Nigeria’s commitment to infrastructural development, especially given the current economic climate and currency fluctuations.
Ndiomu further recalled that the Infrastructure Concession Regulatory Commission (ICRC) issued the full business case compliance certificate for the Badagry Deep Sea Port in 2022. In the same year, the Federal Executive Council approved the development of the project under a public-private partnership (PPP) arrangement.
