The Federal Executive Council on Wednesday gave approval for port development projects worth $4,713,841,477 in Ondo, Lagos and Delta states.
The meeting, which lasted several hours, gave the nod for the development of Ondo Multi-Purpose Port, Ilaje, Snake Island in Lagos and Burutu in Delta State. He said the Ondo port will cost the private developers the sum of $1,480,465,253 and would be concessioned for a period of 50 years, with the accruals to the concessionaire and the federal government expected to be $50 billion and $2.6billion, respectively.
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