Nigeria Approves $2.9 Billion Plan to Expand Onne Port

Nigeria approved a $2.9 billion “concession and development” plan to expand the Onne Port, near the southern oil hub of Port Harcourt to improve services to energy companies.

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,” Information Minister Labaran Maku, said yesterday in the capital, Abuja.

President Goodluck Jonathan’s government seeks to boost infrastructure development in Africa’s top oil producer by attracting private investments to road, rail and power. The country’s biggest ports in the commercial capital, Lagos are currently run by private companies under concession agreements.

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