The federal executive council (FEC) has approved $2.59 billion for the development of Badagry Seaport under a Private-Public-Partnership (PPP) arrangement.
Mu’azu Sambo, minister of transportation, gave the update at the FEC meeting on Wednesday.
Sambo said the port would be operated for 45 years by the developers, after which Nigerians would take over.
Sambo said during the PPP lifespan, the project would provide about 200,000 jobs while generating a revenue of $56 billion.
He added that the project is expected to make Nigeria a maritime hub in West Africa.
In April, Infrastructure Concession Regulatory Commission (ICRC) said the Badagry Deep Seaport would create a total ecosystem in terms of shipping, transportation, and job creation, among others.
Michael Ohiani, director-general of the ICRC, had added that one of the most notable attributes of the Badagry port was that it would enable the country to compete favourably with the Cotonou seaport.