Delta State Governor, Ifeanyi Okowa, said on Wednesday the concession of Asaba Airport would generate N100 million for the state annually.
The governor stated this while presenting the 2020 appropriation bill of N389 billion to the state House of Assembly in Asaba, the state capital.
He commended the Assembly for approving the state government’s concession of the airport to a consortium of investors, describing the development as a breakthrough.
He said: “It is the first full brown-field airport concession in Africa and a hybrid arrangement covering further development and management of the airport.
“The concession is for a period of 30 years, with an annual concession fee of N100 million payable to the state government, escalating by 10 percent every five years.
“There is also an annual royalty of 2.5 percent of gross annual revenue payable to the state, with over N28 billion expected to be pumped into the airport development by the concessionaire over the next three years.
“The benefit to the state in terms of employment opportunities, urban renewal, and tourism potentials are enormous.”
Okowa said the government would in 2020, ensure the functionality of the Kwale Industrial Park, adding that the same investors had expressed their desire to establish glass, ceramics factories and agro-allied industry for soya beans.
He added: “Once fully operational, the Park is expected to be a major driver of this administration’s agenda and provide immense employment opportunities for our people.”
He expressed his administration’s commitment to transforming the agricultural sector and ensuring wealth creation to boost the state economy.
The governor said his administration was implementing a public-private partnership for the establishment and operation of an agro-industrial park in Ogwashi-Uku, in partnership with private investors. (NAN)