Ondo Multipurpose Deep Sea Port To Cost $1BN Funded Through PPP Plan

On May 04, 2023, Nigerian Port Authority (NPA) has stated in a tweet made by its official twitter handle @nigerianports as follows:

NEW PORTS DEVELOPMENT:
In keeping with the Authority’s commitment to creating an enabling atmosphere for the construction of more deep seaports after Lekki Deep Seaport (which is already operational), and Badagry Deep Seaport, the Managing Director @MohdBelloKoko, today received the Ondo State Coordinator for Special Projects, Mr. Boye Oyewumi, who submitted the Full Business Case (FBC) for the Ondo Multipurpose Deep Seaport Project.

Located along the coast of Ondo, the port is estimated to cost USD 1 billion to be funded through a PPP plan.

Receiving the FBC, the Managing Director assured that the Authority will work with the Federal Ministry of Transportation and other relevant agencies to ensure all necessary final approvals are obtained quickly to enable the port to commence operations in record time.

The NPA Management has consistently restated its readiness to provide the requisite technical guidance and for the establishment of new ports in line with global best practices.