RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

FEC Approves $4.7 Billion for New Port Projects in Lagos, Ondo and Delta.

Rate Captain by Rate Captain
May 18, 2023
in Economy, macroeconomy, Markets
Reading Time: 2 mins read
A A
0
FEC Approves $4.7 Billion for New Port Projects in Lagos, Ondo and Delta.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Federal Executive Council (FEC) of Nigeria has granted approval for the development of new port projects in three states, namely Delta, Ondo, and Lagos. The total sum of $4,713,841,477 has been allocated for these projects, as confirmed by the Minister of State for Transportation, Prince Ademola Adegoroye. The announcement was made after the FEC meeting, which was presided over by President Muhammadu Buhari at the Presidential Villa in Abuja.

The three ports that will be developed are the Ondo Multi-Purpose Port in Ilaje, Snake Island in Lagos State, and Burutu in Delta. These projects will be executed through Public-Private Partnership (PPP) arrangements, with no cost to the Federal Government. Private firms will finance the projects, and they will be operated for periods ranging from 40 to 50 years.

AlsoRead

Navigating Crypto Amidst Debt Ceiling Concerns and Economic Shocks.

Assessing the Impact: Will a Potential U.S. Recession Shield the Market from a Downturn?

Controversy Takes Flight: Aviation Firms Slam Minister’s Rushed Plans for Nigeria Air.

According to the Minister, the Ondo port will cost private developers $1,480,465,253 and will be concessioned for a period of 50 years. The expected accruals to the concessionaire and the Federal Government over this period are projected to be $50 billion and $2.6 billion, respectively. Similarly, the Burutu port will cost $1,285,005,818 and will be concessioned for 40 years, with the concessionaire and the Federal Government expected to gain $125 billion and $9 billion, respectively. The Snake Island Port, estimated at $974,185,203, will be concessioned for 45 years, and the concessionaire and the Federal Government will receive $18 billion and $5.23 billion, respectively, in accruals within this duration.

In addition to the port projects, the FEC also approved other infrastructure initiatives. N140 million was allocated for the procurement of 33 KV circuit breakers and 120 surge arrestors for systems used by the Transition Company of Nigeria. This procurement aims to improve electricity services in the country, specifically in transmission. The council also approved N1.5 billion for the construction of the Dukanbo Shonga 132 KV double circuit transmission line in Kwara State, which has been non-functional for several years.

In an update on the second Niger Bridge, the Minister of Information and Culture, Alhaji Lai Mohammed, stated that the construction of the bridge has been completed and it is ready for inauguration before May 29. The contractor responsible for the project will hand it over to the federal government on May 20.

The development of new port projects and the enhancement of infrastructure are crucial for Nigeria’s economic growth and regional connectivity. These initiatives reflect the government’s commitment to advancing the country’s transportation and energy sectors, with a focus on public-private partnerships to drive sustainable development.

Previous Post

Seplat Energy PLC Grants Share Awards to Executive Directors.

Next Post

Ripple Expands Crypto Offerings with $250 Million Acquisition of Metaco.

Related News

Crypto Markets Gain $60bn as Bitcoin Explodes Above $30,000.

Navigating Crypto Amidst Debt Ceiling Concerns and Economic Shocks.

by Rate Captain
May 26, 2023
0

The recent release of strong unemployment and GDP data in the U.S. has caught the attention of investors. However, the...

Assessing the Impact: Will a Potential U.S. Recession Shield the Market from a Downturn?

Assessing the Impact: Will a Potential U.S. Recession Shield the Market from a Downturn?

by Rate Captain
May 26, 2023
0

As the U.S. economy grapples with lingering inflation concerns, Michael Yoshikami, founder and CEO of Destination Wealth Management, suggests that...

Controversy Takes Flight: Aviation Firms Slam Minister’s Rushed Plans for Nigeria Air.

Controversy Takes Flight: Aviation Firms Slam Minister’s Rushed Plans for Nigeria Air.

by Rate Captain
May 26, 2023
0

The proposed national carrier, Nigeria Air, has become a topic of contention as domestic aviation firms, represented by the Airline...

Manufacturing Sector at Risk: Will Interest Rate Hike Fuel Nigeria’s Recession?

Manufacturing Sector at Risk: Will Interest Rate Hike Fuel Nigeria’s Recession?

by Rate Captain
May 26, 2023
0

The recent decision by the Central Bank of Nigeria (CBN) to raise the monetary policy rate (MPR) from 18 percent...

Next Post
Ripple Expands Crypto Offerings with $250 Million Acquisition of Metaco.

Ripple Expands Crypto Offerings with $250 Million Acquisition of Metaco.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Canada Expedites Family Reunification Process, Contrasting UK’s Immigration Policy

Canada Expedites Family Reunification Process, Contrasting UK’s Immigration Policy

May 27, 2023
CBN Excludes NSPMC from Approved Cheque Printers.

Nigerian Senate Amends CBN Act and Extends Supplementary Budget Implementation

May 27, 2023

Popular Story

  • Apple’s Market Cap Surpasses the Entire UK Stock Market: A Phenomenon Worth Examining

    Apple’s Market Cap Surpasses the Entire UK Stock Market: A Phenomenon Worth Examining

    0 shares
    Share 0 Tweet 0
  • Nigeria Hopes to Supply More LNG to Europe Next Winter

    0 shares
    Share 0 Tweet 0
  • MainOne Graduate Trainee Program now open to Nigerian applicants.

    0 shares
    Share 0 Tweet 0
  • Telecom Operators Blame Communications Minister for Telecom Debt Crisis

    0 shares
    Share 0 Tweet 0
  • Nigerian Senate Amends CBN Act and Extends Supplementary Budget Implementation

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>