Gatekeepers News reports that the FEC, presided over by President Muhammadu Buhari, approved the project on Wednesday.
The project is estimated to cost $2.594 billion and would be fully financed by private Investors.
The project would be concessioned for 45 years, according to Tolu Ogunlesi, special assistant to President Muhammadu Buhari on Digital & New Media, who confirmed the development in a tweet.
Gatekeepers News earlier reported that commercial operations will begin at the Lekki Deep Seaport by the end of this year as it reaches 95.65 percent completion.
The dredging and reclamation works had reached 98.43% completion, Quay Wall 96.07% completion, Breakwater 92.99% completion, the landside infrastructure development 90.61% completion, thus bringing total works carried out on the project to approximately 95.65% completion stage, as of July 27th.
Lekki Port is a multi-purpose, ultra-modern deep-sea port located in the Lagos Free Trade Zone, Ibeju-Lekki, Lagos. Upon, completion, it is expected to be the deepest port in Sub-Saharan Africa.
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