…Funding For 10-Lane Mile 2-Badagry Highway Expansion At Advanced Stage

Lagos State Governor, Mr. Akinwunmi Ambode on Thursday expressed optimism that the $2.6bn Badagry Deep Sea Port Project would be a major turning point that would go a long way to bring about global growth to Nigerian waters and by extension the nation’s economy.

The Governor, who spoke shortly after another successful meeting with the executive management of APM Terminals (Maersk Group), represented by Mr. Morten Engelstoft, CEO designate of APM Terminals in Copenhagen, Denmark, on the advancement of the Badagry Deep Sea Port, said the project would also complement the emergence of Lagos as the fifth largest economy in Africa.

He said the meeting, held alongside Chairman, APM Terminal, Apapa, Chief Ernest Shonekan, was the culmination of a process which begun as far back as 2012 and which has been taken on with renewed vigour by his administration and has thus resulted in this significant foreign investment estimated at over US $2.6billion into Lagos.

“This port and free zone, situated on over 1000 hectares is expected to be the largest deep sea port in Africa upon its completion. The project will include a container terminal, oil & gas services and a liquid bulk terminal, with general cargo and Ro-Ro facilities,” Governor Ambode said.

The Governor while lauding the investors for staying the course with the project, expected to generate 500,000 direct and indirect jobs upon completion, pledged his government’s commitment to ensuring the interests of the host communities alongside a sustainable regeneration and urban renewal of the area.
Alluding to the fact that the project would be a major infrastructural development to the Badagry axis, Governor Ambode also confirmed that talks are well advanced to reach financial close on Lot 3 of the Mile 2 to Seme 10-lane highway expansion, saying that it would in no small way complement the ongoing Badagry Deep Sea Port Project.

The Governor, who said the Lot 3 would run from Okokomaiko-Badagry-Seme, affirmed the commitment of his administration to providing an enabling environment for businesses to thrive in the State.

On his part, Engelstoft reiterated the Group’s commitment to the Badagry Deep Sea Port and assured the Governor that all business streams of the Maersk Group would be involved in ensuring the success of the Project.

It would be recalled that Governor Ambode about three weeks ago in London, met with representatives of APM Terminals led by the Head of Africa, Mr. Peter Volkjaer Jorgensen.

The meeting, held in London also had Country Manager, APM Terminal, Mr. David Skov; Chairman APM Terminal Apapa, Chief Ernest Shonekan; Chairman, Supreme Offshore Limited, Mr. Chidi Ofong; Mr. Koye Edu; Lagos State Commissioner for Commerce, Mr. Rotimi Ogunleye; Permanent Secretary, Lagos Global, Mr. Olajide Bashorun and Country Senior Partner, Pricewaterhouse Coopers, Mr. Uyi Akpata.