FG backs immediate construction of $3.5b Bakassi deep seaport to boost export trade 

The Federal Government has endorsed the timely construction of the $3.5 billion Bakassi Deep Seaport integrated project, aimed at facilitating the export of key agricultural products, creating jobs, and enhancing trade and revenue generation.

The project, with funding secured from the African Export-Import Bank (Afreximbank), will be executed as a Public-Private Partnership (PPP), with construction expected to commence soon.

In support of the project, key stakeholders, including the Ministry of Marine and Blue Economy, the Nigerian Ports Authority (NPA), the Nigerian Shippers’ Council (NSC), the Infrastructure Concession Regulatory Commission (ICRC), Afreximbank, and others, have signed an endorsement agreement to oversee its successful completion in Cross River State.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, explained that the Bakassi Deep Seaport, alongside a 217-kilometer superhighway serving as an evacuation corridor to northern Nigeria, will play a critical role in the export of agricultural products such as rubber, timber, cocoa, palm oil, and livestock.

Oyetola, represented by the permanent secretary of the ministry, Olufemi Oloruntola, noted that the agro-value chain-based deep seaport would enhance Nigeria’s competitiveness in the global market and significantly boost foreign exchange earnings.

The minister also praised the Cross River State Government’s adoption of the PPP model, calling it a sustainable method for funding and managing maritime infrastructure.

He emphasised that this approach would make the port competitive and attractive to both local and international stakeholders, urging investors to seize the opportunities presented by the project.

Oyetola highlighted the establishment of the Federal Ministry of Marine and Blue Economy as a strategic move to leverage the untapped potential within the country’s maritime sector, supporting indigenous businesses in closing infrastructural gaps.

He expressed confidence that the Bakassi Deep Seaport would contribute significantly to Nigeria’s socio-economic development through job creation, trade facilitation, and increased revenue generation.

The Director-General of the ICRC, Dr Jobson Ewalefoh, assured that the construction of the deep seaport would begin soon and be completed within record time.

He cited several factors supporting this timeline, including the commitment demonstrated by the Cross River State Government, streamlined PPP processes, secured project financing from Afreximbank and the backing of all key stakeholders involved.

Ewalefoh emphasised the importance of the deep seaport in diversifying traffic from the Western ports, providing relief to the Eastern region, and unlocking agricultural export potential in Nigeria’s South-South and Northern regions, as well as across Africa.

He expressed gratitude to Afreximbank for its confidence in the project, assuring investors that Nigeria remains a prime destination for investment opportunities.