Nigeria’s Federal and Lagos State Governments have signed a Memorandum Of Understanding (MOU) for the construction of a deep sea port in the Lekki area of Lagos, in Western Nigeria.

^^^The project in question will be funded by private investors - however, both the FG and Lagos state government have stakes in it...

The equities both the FG and Lagos state government will put are the access to sea, land, licences etc.. That doesn't change the fact that it's a private initiative funded by the private investors...

However, I'm more concerned about how long they will manage it for before conceding the port to the Lagos state government...

In addition to the Lekki Deep-seaport, another one is being planned for Badagry. The first phase of the Badagry Deep-seaport is scheduled to be completed by 2016.
So that means that by 2016, Lagos State will have 4 commercial seaports. This should lead to rapid expansion of trade in particular, and the Nigerian economy in general.

CFCfan: In addition to the Lekki Deep-seaport, another one is being planned for Badagry. The first phase of the Badagry Deep-seaport is scheduled to be completed by 2016.
So that means that by 2016, Lagos State will have 4 commercial seaports. This should lead to rapid expansion of trade in particular, and the Nigerian economy in general.

That's great!

It seems Lagos has the best coastline in Nigeria, hence why most of the ports are being built there...

afam4eva: What's the federal government's stake in this? I thought the Lagos state government owned the initiative.

All international gateways are exclusively owned by the Feds, and that includes airports and will you believe it telecommunications just a few years ago. The same ideology that makes it impossible to own a private beach. Exclusive zones or whatever they call it.

It seems that a Singaporean company would be the main developer of the Badagry seaport. Therefore, by 2016, Nigeria would have 3 deep-seaports.