The
desire of the Federal Government to expand its ports in the country
received a boost with the Federal Executive Council (FEC) meeting
presided over by Vice President Namadi Sambo, approving the development
of the Lekki Deep Sea Port in Lagos State at the cost of $1.4 billion.It also approved the construction of 12 different roads across the
country at the cost of N30 billion with different completion periods.
Addressing State House correspondents at the end of the meeting, the Minister of Transport, Senator Idris Umar said that the port will be developed under Public Private Partnership arrangements for a concession period of 45 years to be undertaken in favour of Messrs Lekki Ports LFTZ Enterprise at an estimated cost of $1.4 billion with a completion period of four years.
The Minister of Transport, throwing more light on the project, said that the Federal Government has 20 per cent equity under the arrangement, the Lagos State Government has 18.5 per cent equity while the private investors have 61.85 per cent equity.
Meanwhile, the Minister of State for Works, Ambassador Bashir Yuguda said that the Council also approved the construction of nine roads across the country, saying the Federal Government wants to maximise the dry season period.
He said that the roads are scattered all over the country and is done to fast track the development of infrastructure in the country in line with the transformation agenda of Mr.President
Addressing State House correspondents at the end of the meeting, the Minister of Transport, Senator Idris Umar said that the port will be developed under Public Private Partnership arrangements for a concession period of 45 years to be undertaken in favour of Messrs Lekki Ports LFTZ Enterprise at an estimated cost of $1.4 billion with a completion period of four years.
The Minister of Transport, throwing more light on the project, said that the Federal Government has 20 per cent equity under the arrangement, the Lagos State Government has 18.5 per cent equity while the private investors have 61.85 per cent equity.
Meanwhile, the Minister of State for Works, Ambassador Bashir Yuguda said that the Council also approved the construction of nine roads across the country, saying the Federal Government wants to maximise the dry season period.
He said that the roads are scattered all over the country and is done to fast track the development of infrastructure in the country in line with the transformation agenda of Mr.President
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