As reported by YourCitiNews, further to the resolve by the Nigerian Ports Authority (NPA) to deliver efficient port services through strategic port development, the Federal Executive Council (FEC) at its sitting on Wednesday, May 17, 2023, approved the development of three milestone port projects: the development of the Ondo Multi-purpose Port in Ilaje, Ondo State; the expansion of Snake Island Terminal, Lagos State; and the expansion and development of Burutu Seaport, Delta State, through public-private partnerships (PPP).
According to NPA, for the Ondo Deep Sea Project, projected revenues accruing to the Federal Government are expected to be $50 billion in royalties and other fees in marine services, while the proponent is expected to receive $2.6 billion in profits throughout the concession tenor.
In another development, the proponents of the Snake Island terminal, Nigerdock FZE, operate the Snake Island Port facility located within the Snake Island Integrated Free Zone (SIIFZ). Projected revenues accruing to the Federal Government are $18 billion in royalties and marine services, while the proponent is expected to receive $5.23 billion in profits throughout the concession tenor.
In Delta, the Burutu Port project, as proposed by Messrs. Akewa Colmar Services Ltd., is conceptualized as a mining, inland transportation, logistics base, and transshipment hub for the provision of other port services in Western and Central Africa.
It is planned as a combination of the rehabilitation of the old port at Burutu and the development of a greenfield port proposed to be in Agge, Delta State.
The project is estimated to cost $1.2 billion for a concession period of 40 years. Projected revenues accruing to the Federal Government are $125b in royalties and marine services, while the proponent is expected to earn $9bn in profits throughout the concession tenor. The project will be developed in three phases.
Read original story
