President Bola Tinubu has performed the groundbreaking for the multi-billion-dollar Bakassi Deep Seaport, describing the project as a fiscal game-changer set to catapult Cross River State and Nigeria into a leading hub for the blue economy.
The presidential flag-off of the $3.5 billion project on Friday in Bakassi, Cross River State, has broken a decades-long jinx and revived hopes for a deep seaport in Cross River State, marking a major milestone in efforts to transform the country’s economy. This port development is set to be one of the largest in West Africa with Senegal also planning a mega port.
Speaking during the groundbreaking ceremony of the project, the Nigerian leader, who was represented by Vice President Kashim Shettima, stated categorically that he was not in Calabar “to cut a ribbon and dance Ekpe masquerade” but to “break ground and break centuries-old jinx.
“Many people believed this port would never happen. They said it would be a pipe dream. They said Bakassi would only be remembered for what we lost. Today, we answer them with a shovel, with concrete, with steel, and with hope, a renewed hope that a dream deferred can become a dream actualised,” he added.
President Tinubu firmly dismissed long-standing rumours of a port monopoly, suggesting that federal authorities or regional interests in Abuja and the South-West have deliberately suppressed the development of seaports in other parts of Nigeria.
Significance of the Project
President Tinubu explained why the flag-off of the project broke a decades-long jinx, saying it is a strategic revival of a long-dormant maritime and trade infrastructure project first envisioned during the colonial era and re-engineered in 2014, with its Environmental and Social Impact Assessment (ESIA) completed by March 2015.
Factsheet
Project Name: Bakassi Deep Seaport Integrated Project
Location: Bakassi, Cross River State, Nigeria
Estimated Cost: $3.5 Billion
Primary Financier: African Export-Import Bank (Afreximbank)
Delivery Model: Public-Private Partnership (PPP) regulated by the Infrastructure Concession Regulatory Commission (ICRC)
Technical Specs: Greenfield port featuring a 16-meter water draft capable of accommodating massive deep-sea vessels
Core Components:
- Deep-sea maritime terminal for containers, bulk cargo, vehicles, and petroleum products
- A 275-kilometer, six-lane tolled evacuation superhighway (Calabar–Ogoja–Gakem)
- An adjacent Free Trade Zone and the 7,000-hectare Bakassi Industrial Park
Key Objective: Establish a major eastern maritime gateway for Nigeria, ease congestion at Lagos ports, and boost agro-export and regional trade across West and Central Africa.
Leave a Reply