FG approves $1.4bn Deep Sea Port in Ondo State

In a landmark decision, the Federal Government has given its official endorsement for the establishment of a $1.4 billion deep sea port in the Riverine Area of Ilaje Local Government in Ondo State.

The announcement was made during the Federal Executive Council (FEC) meeting held in Abuja, presided over by President Muhammadu Buhari.

The Ondo Multipurpose Port project, which aims to enhance maritime activities and boost economic development in the region, will be executed through a Public-Private Partnership (PPP) framework. The operating license for the port has been granted, and the concession period is set for 50 years.

During the FEC meeting, Minister of Transportation, Mr. Muazu Jaji Sambo, presented the memo seeking the approval of the deep sea port.

Speaking on the development, Prince Ademola Adegoroye, Minister of State for Transportation and an indigene of Ondo State, expressed his excitement over the approval, saying he feels fulfilled to have delivered on his mandate.

Adegoroye said: “I was graciously appointed Minister by President Buhari about 10 months ago, precisely 6th July 2022. My Governor, elder brother and Leader, Arakunrin Rotimi Akeredolu, gave me one major task. He told me Ondo State was sending me to Abuja not to make money or facilitate contracts but simply to get the Federal Government approve our Port and get the Port licence. On my own, I added the reconstruction of Akure – Ado road to my task list.

“I feel fulfilled today that I have delivered on my mandate. God is good. I thank God and I appreciate Mr. President and members of the FEC and in particular, my colleague and senior minister in my ministry, Muazu Jaji Sambo, for helping me achieve this feat. I am fulfilled!”

Governor Akeredolu expressed his gratitude to the Federal Government for granting the operating license, recognizing the significant impact the port will have on the state’s economy.

He emphasized that the establishment of the Ondo Multipurpose Port is a testament to the commitment of the government to drive economic growth and create employment opportunities.

“The approval of the deep sea port is a major milestone for Ondo State. This project will attract investments, generate employment, and accelerate economic development in the region.

“We are grateful to the Federal Government for recognizing the potential of our state and supporting our vision,” Governor Akeredolu stated.