The Federal Executive Council (FEC) has approved the establishment of a seaport in Badagry, Lagos to bring in big vessels into the country.
Minister of Power, Works and Housing, Mr Babatunde Fashola, disclosed this to State House correspondents after the meeting presided by President Muhammadu Buhari on Wednesday in Abuja, the Federal Capital Territory.
He stated that the new port would cost $2.58 billion and would be completed in five years.
Ministers of Transport and Information, Mr Rotimi Amaechi and Mr Lai Mohammed respectively, described the seaport as a viable infrastructure.
The Badagry seaport was said to have been started by the past administration and was abandoned midway.
He said that the approval was consistent with the Federal Government’s macroeconomic policy to emphasise on tax income following a fall in the oil revenue.