Ports Concession To Generate $3.7bn Revenue

The Infrastructure Concession Regulatory Commission (ICRC), said the concessioning of three ports by the Federal Executive Council (FEC) would attract an investment of 3.7 billion dollars from the private sector.

The Director-General, ICRC, Micheal Ohiani said this in a statement signed by Mr Ifeanyi Nwoko, Acting Head, Media and Publicity, ICRC, in Abuja on Friday.

Ohiani said FEC approved the renovation of the Burutu Port and the establishment of a Deep Sea Port in Delta State under Public Private Partnership (PPP).

He said others included the development of Ondo Port and the development of the Snake Island Terminal in Lagos.

Ohiani said FEC also approved the commencement of the Park and Pay initiative in some parts of the Federal Capital Territory (FCT) and the rehabilitation of Police Quarters in Ikeja, Lagos.

He said FEC also approved the concession of the Nnamdi Azikiwe International Cargo Airport, Abuja; the Malam Aminu Kano International Airport, Kano as well as the Expatriate Employment Levy.

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