On Tuesday the 4th of September, Ondo State Government of Nigeria and MTBS signed the contract to conduct the feasibility study for the development of a multi-purpose deep-sea port within Ilaje Local Government. The study comprises a comprehensive and commercially inspired bankable feasibility study for the multi-purpose deep-sea port, including a multi-criteria analysis of different greenfield port development options, financial and economic evaluation, and recommendations for optimal project PPP structuring.
In addition to decongesting the port of Lagos, the deep-sea port development is expected to stimulate economic growth for Ondo State as the deep-sea port is part of the Ondo Free Trade Zone development. Ondo FTZ is conceived as a multi-functional special economic zone with manufacturing, processing, import, export and re-export trade, logistics transportation, storage, distribution, financing, and commodity exhibitions. This will be supported by a modern community, complete with residential development and supported by various economic activities including commerce, tourism, and recreation.
The Deputy Governor of Ondo State Agboola Ajayi added “This development is an attestation of the present administration’s commitment to industrialise the state through seaport development, with the ultimate goal of benefiting our people”.
MTBS is pleased to continue its active port project portfolio in Nigeria and West Africa, and to provide its port industry expertise, knowledge of the Nigerian market, and PPP credentials for this important project.
The picture shows (from left to right) Honourable Sunday Abegunde, Secretary to the State Government; Mr. Gbenga Edema, Chairman of the Ondo State Oil Producing Areas Development Commission (OSOPADEC); Mr. Boye Oyewumi, Chairman of Ondo State Investment and Promotion Agency (ONDIPA); Mr. Paul van Eulem, Director of Maritime & Transport Business Solutions (MTBS); and Mr. Agboola Ajayi, Deputy Governor of Ondo State.