Trading places

In a bid to stimulate trade, Nigerian authorities have approved a business plan for the development of a seaport in Badagry, a city at the western tip of Lagos State.

As reported by Ventures Africa, this will be Lagos State’s third harbour (complementing Tin Can and Apapa).

Its development is long overdue, says Minister of Power, Works and Housing Babatunde Fashola. ‘Our ports are behind in terms of technology in the maritime industry. There are bigger vessels now being built across the world that require larger depths and drafts to berth.’

The project is set to cost US$2.5 billion (provided entirely by foreign investment) and expected to take five years to build.