May 21, (THEWILL) – The Infrastructure Concession Regulatory Commission (ICRC) has said the concession of three ports by the Federal Executive Council (FEC) would attract an investment of $3.7 billion from the private sector.
The Director-General of the ICRC, Michael Ohiani, said this in a statement issued in Abuja over the weekend and signed by the Acting Head of Media and Publicity, ICRC, Ifeanyi Nwoko..
Ohiani said FEC approved the renovation of the Burutu Port and the establishment of a deep sea port in Delta State under a public-private partnership (PPP).
He said others included the development of Ondo Port and the development of the Snake Island Terminal in Lagos.
Ohiani said FEC also approved the commencement of the Park and Pay initiative in some parts of the Federal Capital Territory (FCT) and the rehabilitation of police quarters in Ikeja, Lagos.
He said FEC also approved the concession of the Nnamdi Azikiwe International Cargo Airport, Abuja; the Malam Aminu Kano International Airport, Kano; and the Expatriate Employment Levy.
Ohiani said the approvals were given following the issuance of Full Business Case (FBC) Certificates of Compliance by the ICRC.
According to him, the approvals were a demonstration of the commitment of the federal government to infrastructure development in Nigeria.
Ohiani said that the latest approvals brought the total number of concession projects that have gotten the consent of the FEC in 2023 to 30.
According to the director-general, the Burutu Port in Delta State was approved for a concession period of 40 years at a total cost of $1.28 billion.
He said it would be executed in three phases by the concessionaire, Akewa Colmar Terminals Limited.
“The project is intended to boost the utilization of the inland waterways.
“This will be done by ensuring that the evacuation of solid minerals and agricultural produce is undertaken at economic costs on inland waterways to the proposed Burutu Deep Seaport for export.
.“The project is expected to generate $125 billion in 40 years”, he said.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
