Badagry Deep Sea Port will make Lagos Africa’s 5th Largest Economy, says Ambode

Lagos State Governor Akinwunmi Ambode has expressed optimism that the $2.6bn Badagry Deep Sea Port Project would be a major turning point that would go a long way to bring about global growth to Nigerian waters and by extension, the country’s economy.

Ambode, who spoke shortly after a meeting with the executive management of APM Terminals (Maersk Group), represented by Mr. Morten Engelstoft, chief executive designate of APM Terminals in Copenhagen, Denmark, on the advancement of the port, said the project would also complement the emergence of Lagos as the 5th largest economy in Africa.

The governor said the meeting, held alongside Chairman of APM Terminal, Apapa, Chief Ernest Shonekan, was the culmination of a process that begun in 2012 and which has been taken on with renewed vigour by his administration and has thus resulted in significant foreign investment, estimated at over US $2.6billion, into Lagos.

He said: “This port and free zone, situated on over 1000 hectares, is expected to be the largest deep sea port in Africa upon its completion.

“The project will include a container terminal, oil and gas services and a liquid bulk terminal, with general cargo and Ro-Ro facilities.”

Ambode, while lauding the investors for staying the course with the project, expected to generate 500,000 direct and indirect jobs upon completion, pledged his administration’s commitment to ensuring the interests of the host communities, as well as a sustainable regeneration and urban renewal of the area.

Stating that the project would be a major infrastructural development to the Badagry axis, Ambode also confirmed that talks were ongoing to reach financial close on Lot 3 of the Mile 2-Seme 10-lane highway expansion, which he noted would complement the port project.