The Federal Executive Council has approved a memo for the development of greenfield port facilities in Badagry, Lagos State.

Briefing State House reporters on the outcome of the FEC meeting chaired by President Muhammadu Buhari, on Wednesday Power, Works and Housing Minister Babatunde Fashola, said the development of the facilities was delayed due to the refusal of the last administration to approve it.

The minister, who said work on the port began in 2012, noted that it would be financed by the private sector.

Fashola said: “This is consistent with what this government stands for in terms of allowing private capital and competency to come into the development of our infrastructure.”

He added: “There are bigger vessels now being built across the world that require larger depths and drafts berth. Now, some of our competitors on the continent are building bigger ports. So, if we don’t build this port, we risk becoming uncompetitive and we risk a threat to our maritime hub status.

Transportation Minister Rotimi Amaechi said‎ the Federal Government expected the concessional agreement on the port facilities to take five years to construct.

“In this period when we are looking for foreign exchange, it is going to bring a total of $2.558bn into the system, and the Federal Government and the Lagos State Government will not contribute financially other than the land given by the Lagos State Government,” Amaechi said.