FG approves $2.9b for Onne port expansion

The Federal Government has approved a $2.9 billion 'concession and development' plan to expand the Onne Port, in Port Harcourt to improve services to energy companies.

Information Minister Labaran Maku, said yesterday in Abuja, that under a 25-year concession agreement signed with Deep Offshore Services Nigeria Ltd., the company will invest the agreed amount to build port facilities within six years and recover the cost from 'boat services and other port charges,'.

President Goodluck Jonathan's government seeks to boost infrastructure development by attracting private investments to road, rail and power. The country's biggest ports in Lagos are currently run by private companies under concession agreements.