The Cross River State Government has formalised an agreement with Arise IPP, a United Arab Emirates-based company, granting the firm an 80% stake in the Bakassi Deep Seaport project, a key infrastructure initiative aimed at boosting trade in West Africa.

The agreement, endorsed by the State Executive Council, also includes a restructuring of Bakassi Deep Seaport Ltd., the Special Purpose Vehicle managing the project, according to a statement from the governor’s Chief Press Secretary, Nsa Gill.

“With ordinary shares totalling 100 million, this arrangement enables Arise IPP Ltd. to fulfil key obligations, including securing project financing—an effort already initiated through an Afreximbank facility,” the statement read.

Governor Bassey Otu, who chaired the meeting where the deal was approved, said that the seaport’s role in transforming the region’s maritime infrastructure and strengthening economic links across West Africa.

“This project will position Cross River as a critical gateway for trade and investment,” he said.

Beyond the seaport agreement, the State Executive Council (SEC) also approved initiatives to modernise public transport. These include the procurement of compressed natural gas and electric vehicles, as well as electronic motorcycles, to improve mobility and reduce environmental impact.

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Infrastructure upgrades were also on the agenda, with the council approving N200 million for the newly established University of Education and Entrepreneurship in Akamkpa.

Meanwhile, remedial works were approved for the Ikom-Boki-Obudu road, a key route connecting several communities in the state.

Otu also announced plans to send selected Cross River indigenes to Asian countries for specialised training in port operations.

The governor also assured that the state’s recent acquisition of 10,000 solar power systems for rural electrification would be distributed equitably, prioritising the most vulnerable communities.