APM Terminals has signed a Memorandum of Understanding for the development of the proposed $2.5bn Badagry Deep-Seaport, as Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, led a Federal Government delegation to Denmark to strengthen maritime cooperation and attract further investment into the country’s port infrastructure.
The Special Adviser to the Minister, Dr Bolaji Akinola, announced this in a statement on Wednesday. Recall that in a bid to bridge the infrastructure gap through Public-Private Partnerships, the Federal Executive Council, in 2022, approved the concession of the Badagry Deep-Seaport on a Build, Own, Operate and Transfer PPP model.
The $2.5bn port project, which is under the regulatory guidance of the Infrastructure Concession Regulatory Commission, is expected to generate over $53bn within the 45-year concession period.
According to the statement, the MoU, signed in Copenhagen, marks a significant step towards the development of the greenfield port project, which is expected to provide additional deepwater capacity, accommodate larger container vessels and create new transhipment opportunities for Nigeria and the wider West African market.
The statement added that the MoU was signed by the Group Chief Executive Officer of A.P. Moller–Maersk, Vincent Clerc, on behalf of APM Terminals, and Managing Director of Badagry Port Development Limited and Quinn McGrath Marine and Environmental Services Limited, Didi Ndiomu.
