‘FEC to get Ibadan Dry Port’s project compliance report soon’

The Full Business Case Compliance of the Ibadan Dry Port (IDP) estimated to cost $94m (about N43.24bn) will soon be developed for approval by the Infrastructure Concession and Regulatory Commission (ICRC) and the Federal Executive Council (FEC).

This is the next phase of the public-private project (PPP) that is being guaranteed by the Nigerian Shippers’ Council (NSC). The 80,000 TEU capacity dry port to be built on the Public-Private Partnership basis.

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On completion, the facility is expected to contribute to addressing the problem of port congestion and gridlock in Apapa as it will be designated a port of destination where cargo will be consolidated for import and export, especially in the South-Western part of Nigeria.

Among other uses, the dry port will provide a competitive cargo sorting centre, bulk breaking as well as cargo-tracking and truck management services.

The Lagos-Kano standard gauge railway currently under construction is aligned to the proposed dry port, making it easy to convey cargo from the seaports in Lagos and to all destinations along the route.

Already, the first phase of the negotiation had established the economic viability of the project as well as the utilisation of local content at each stage of development and operation of the facility.

“Having concluded this stage, an Updated Full Business Case Compliance report will be produced. A draft agreement will be presented to the federal ministry of justice and sent to the Infrastructure Concession Regulatory Commission, ICRC, for vetting, after which the minister of transportation will present the agreement to the Federal Executive Council.

“The concessionaire will then be taken to the site for sod-turning. It is expected that construction will commence immediately after the ceremony. The time-line for completion is twelve months” said a statement by Rakiya Zubairu, the Head, Public Relations, the Nigerian Shippers Council.

She said that was the conclusion of another round of negotiation with the concessionaire. The preferred bidder for the project is Chineses Railway and Construction Company (CRCC).