Ondo State Governor Approves 1.48 billion USD Project

Ondo State Governor, Rotimi Akeredolu, and the Honourable Minister of State for Transport, Prince Ademola Adegoroye, announced during the Federal Executive Council (FEC) meeting yesterday that the development of the Ondo Multipurpose Deep-Sea Port in Ilaje has been approved.
The project will have a longer 50-year concession period and will be privately financed at a cost of 1.48 billion USD.

The Ondo Multipurpose Deep-Sea Port is a significant infrastructure project that aims to enhance maritime activities in the region, boost trade, and create employment opportunities. By extending the concession period to 50 years, the government aims to attract more private investment and ensure the long-term sustainability and success of the port.

The deep-sea port will serve as a hub for various activities, including cargo handling, transshipment, and other maritime services. It is expected to have a positive impact on the economy of Ondo State and the surrounding areas, facilitating increased trade and economic growth.

The decision to privately finance the project means that the funding will come from private investors rather than relying on public funds. This approach can help attract expertise and resources from the private sector, fostering efficient project management and reducing the burden on the government’s finances.

Overall, the approval of the development of the Ondo Multipurpose Deep-Sea Port with a longer concession period and private financing demonstrates the commitment of the Ondo State government and the Federal Ministry of Transport to boost infrastructure development and promote economic growth in the region.