The Federal Executive Council (FEC) has approved the development of the Badagry Deep Seaport public-private partnership (PPP) project in Lagos, Nigeria.

The project will be developed in four phases under the built, own, operate, transfer (BOOT) PPP model over a concession period of 45 years. The investment value of the project is estimated at USD$2.5 billion, which will be fully financed by private investors. The project is expected to create more than 250,000 direct and indirect jobs. Once completed, the Deep Seaport will be equipped to handle 3.9 million twelve equivalent units (TEU), 1.4 million cars and 24 million metric tons of cargo per year.