The Federal Executive Council (FEC) on Wednesday ratified President’s Anticipatory Approval for the Development of Phase 4B Port facilities at Onne Oil and Gas Free Zone in Port Harcourt.
Consequently, Council awarded the contract in the sum of $2.9 billion, about N420 billion, the Minister of Information, Labaran Maku told correspondents at post-Cabinet weekly briefing.
Maku sai, the project was considered and approved sequel to a memo presented by the Minister of Transport, Idris Umar, saying it will generate about 20, 000 jobs on completion.
The Information Minister said there was the need to increase the capacity of Nigerian ports, adding that inadequate infrastructure has led to the congestion being experienced in Lagos.
He spoke further, “The concept of the development of the facilities is to decongest the Lagos and Port Harcourt ports while entrenching PPP in the establishment and upgrading of public sector facilities.
“The project is expected to generate 4,000 job opportunities for both professionals during its execution and about 20,000 direct and indirect job opportunities when it is in full operation.
“The concession and development of Phase 4B port facilities at Onne Oil and Gas Free Zone, Onne Port Complex, in the sum of $2,797,129,243.26 only, exclusive of all taxes, with a completion period of 6 years and a concession period of 25 years to be solely pre-funded by the contractor, Messrs Deep Offshore Services Nigeria Limited, and the cost to be amortized from the service boat and other port charges in all the ports”.