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‘N43.24bn Ibadan dry ports project goes to FEC 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…

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).

Rakiya Zubairu, the Head, Public Relations, the Nigerian Shippers’ Council (NSC) said this in a statement on Monday.

The statement said this is the next phase of the Public-Private Project (PPP) that is being guaranteed by the NSC.

The 80,000 TEU capacity dry port is to be built on the basis of a Public-Private Partnership basis.

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 cargos 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.

The statement said: “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.”

She said, that was the conclusion of another round of negotiation with the concessionaire.

The preferred bidder for the project is the CRCC who was led by its deputy managing director, Jacques Liao, during the negotiation.

The negotiation was moderated by the Federal Ministry Of Transportation led by the acting Permanent Secretary, Dr Hussani Adamu and the Director, Maritime Services, Auwalu Suleiman, the Director-General of Infrastructure Concession Regulatory Commission, ICRC, Engr. Chidi Izuwa. Amb. Jummai Katagum who represented the Federal Ministry of Finance was also part of the 4-day negotiation.