The proposed $2.9 billion project is majorly designed to boost economic/national development of Nigeria particularly, Delta State.

Chairman, Chief Executive of the firm, Rear-Admiral Andrew Okoji confirmed the approval at the weekend during the maritime stakeholders forum in Lagos.

According to him, the Federal Ministry of Transport has directed the firm to pay N1 billion, apparently to express its interest.

He said: ‘‘It is going to be a lease for about 50 years, the investment for the port is coming from abroad.

“We have gotten provisional approval from the Federal Government through the Federal Ministry of Transportation, as they have told us to lodge in $1 billion as evidence of capacity to fund the construction of the port and, to lodge in your money, there are certain protocols that must be met. We are currently carrying out these protocols.

“The Nigerian Ports Authority, NPA, is going to be part of the project. I think they are getting some percentage as regards to the equity. I think about per cent, just for monitoring purposes.

“I will tell you, you have been talking about Lekki Deep Seaport for the past 20 years, but I am telling you that within the next five years we will complete the construction of the port.’’