CEM REPORT, TRADE | To further open the nation’s trading borders and create an enabling business environment, the Federal Government has announced plans to approve the construction of a multipurpose deep seaport in Ondo State.
The multipurpose seaport which is set to gulp $1 billion would be funded through a public-private partnership model.
The disclosure was made during the week by the Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello-Koko.
The Ondo Port is expected to service areas of the Southwest that are geographically far from the coasts of Lagos but closer to Ondo.
Presenting the full business case for the port, to the Ondo State Coordinator for Special Projects, Boye Oyewumi, the MD assured that all necessary approval would be granted for the port to be located on the coasts of Ondo State.
He added that the NPA would work with the Federal Ministry of Transportation and other relevant agencies to obtain approvals to enable the port to begin operations through a public-private partnership.
“The NPA has consistently restated its readiness to provide requisite technical guidance for the establishment of new ports in line with global best practices.
“In keeping with NPA’s commitment to creating an enabling atmosphere for the construction of more deep seaports, the Ondo State project will come to fruition.”