Lagos Receives Approval for $2.5 Billion Deep Seaport Project

Lagos State government has received the approval of Nigeria’s federal government for the Badagry Deep Seaport Project
The State Governor, Babajide Sanwo-Olu disclosed this at the Lagos Economic Summit, #Ehingbeti 2022.

The approval authorises and provides legal basis for the concession of the Badagry Deep Seaport, following the issuance of the Full Business Case Certificate by the Infrastructure Concession Regulatory Commission (ICRC) last April.

The $2.5 billion project, which would be funded through Public Private Partnership (PPP), would be built on approximately 496 hectares. It wouls have 2,470m quay length container terminal, 560m quay length break bulk terminal, 360m quay length OSB terminal and minimum of 18m depth.

It is expected to generate 250,000 direct jobs, enhance Government revenue and operate under a Build Operate and Transfer (BOT) concession agreement.
Sanwo-Olu signed also a Memorandum of Understanding (MoU) with Siemens Energy Limited and German-owned Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) to set up an Energy Training Centre of Excellence at the Government Technical College in Ikorodu.

The training, which would be conducted in collaboration with the Lagos State Technical and Vocational Education Board (LASTVEB) would provide a Needs-based technical and vocational education to over 16,000 young people between ages 15 and 35.
The programme is expected to produce highly skilled industry technicians with modern practice-oriented.
Sanwo-Olu said a 30 per cent slot would be allocated to female candidates to enhance women participation in engineering education.
The Governor said: “We are excited that Lagos is on the way to having another deep seaport on the Western side of the city. Before the end of this year, we will be commissioning the Lekki Deep Seaport on the Eastern side. What it means is that, what we have been suffering as a logistics and commerce hub of West Africa will be addressed when we increase maritime infrastructure that improves turnaround time in this sector. With this, Lagos is assured to remain the economic and commercial nerve centre of the entire sub-Saharan Africa.

“The deal with Siemens and GIZ, which are German companies, is another promise made and promise kept. We gave a commitment to this partnership because of the conviction we have for its necessity. Thousands of Lagosians will be trained with industry-required skills for the future of work at our Vocational Training College. We are excited because we are not only transferring skills to people in Government, but private citizens as well. The best technicians in Germany will be conducting these trainings.”

Sanwo-Olu also approved an Executive Bill titled “Lagos State Wealth Fund (LSWF)”. Lagos is set to becoming the first sub-national entity in the country to introduce the bill, which the Governor said would reinforce the State Government’s commitment to prudent management of resources and the delivery of shared prosperity to generations of Lagosians.
According to Sanwo-Olu, the bill has four main objectives, which include creating an accessible savings for Lagos in times of dwindling revenues, accelerating development and the delivery of critical infrastructure, stabilising the economy of the State by protecting its revenue from external shocks, and promoting investment and research in technology and innovation.
The bill, the Governor said, will be incorporated as a statutory entity and will subscribe to the highest level of corporate governance. The bill is transmitted to the House of Assembly for legislative approval.

Sanwo-Olu also signed an agreement with Del York International Group for the entertainment giant to develop a purpose-built Lagos Film City and ancillary infrastructure to reposition Lagos as the hub of entertainment.
The signing of the Memorandum of understanding (MoU) with Del York, is for the development of an ultra-modern film and media city in Epe between the two parties.
The initiative was described as; a major game-changer project on the African continent and one that promises to position the state as a major hub for the entertainment industry in Africa.
The Chairman of Del York International Group, Mr. Linus Idahosa signed on behalf of his group and the commissioner for Tourism, Lagos, Mrs. Uzamat Akinbile-Yusuf signed on behalf of the Lagos State Government in the presence of the state governor.

Speaking at the signing ceremony, Sanwo-Olu shared his excitement at the prospect of the impending investment into the state, as he recounted the recent history of the project and the fact that the signing was the culmination of 18 months of diligent effort by the Del York team and members of the Lagos State Government.
According to the governor: “I would like to thank the Del York Team for all their effort so far. I recall on my last visit to the United States, they took us on a tour of the Trilith Studios in Atlanta to see first-hand what they wanted to build in Lagos and subsequently to an investment summit in Washington DC to meet with investors for the project.
“We want to give Nigerians who are creatives an opportunity to develop themselves to world class stands and an ecosystem where they can learn, work and thrive in a serene atmosphere and I believe this project will achieve that to the benefit of all Lagosians.

“I thank all the traditional rulers in Epe for being such good hosts for the project and look forward to its positive impact on their community in Epe upon its completion.”
The Lagos film and media city was envisioned as a sanctuary for leisure, entertainment, and learning; a place where film and all types of creative industry professionals can live, work, learn and play in a peaceful and conducive environment with best-in-class facilities intermingled with appurtenances that support a modern sustainable city.

Multiple sound stages, a technology park, a School of creative arts & entrepreneurship, a theme park, residential and commercial real estate, a Nollywood Walk of Fame, and Front & Backlot infrastructure for varied film environments are just some of the features that are promised on this major development that will no doubt put Lagos on the global creative industry map.
The project has been conceptually christened as “Kebulania” an expression coined from the word Alkebulan, an ancient reference to Africa. Pronounced “Alkebu-lan” meaning “mother of mankind” or “garden of Eden”- a reference to that place of vast potential, new beginnings, and new possibilities; strong foundational concepts on which the project is said to have been founded.

Speaking at the signing, Idahosa spoke of his group’s commitment to making the project a reality and the many milestones that had thus far been achieved towards its imminent delivery.
“This project has come quite a long way and the sheer effort and sacrifice that has seen it attain the level it has is a testament to the number of committed team members working round the clock to see it come to fruition.

“I would like to thank the Lagos State Government especially the Governor, Mr. Babajide Sanwo-Olu for his commitment to the project and the industry as a whole. Having this formal signing at such a high-profile event as this is a clear testament to the state’s dedication to attracting FDI into the state through the creative industry.”
Also, the Governor signed the Lagos State Administration of Civil Justice Bill 2022 to address Ease of Doing Business.
Sanwo-Olu pledged before the gathering, comprising top government functionaries, captains of industry, business leaders, diplomats, entrepreneurs and investors, that his administration would implement all the resolutions reached at the summit before the next edition in 2024.

Segun James

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