Recent insights from the Infrastructure Concession Regulatory Commission (ICRC) have confirmed the commencement of construction on the $3.5 billion Bakassi Deep Seaport. The project is set to begin soon, signaling a significant advancement for Nigeria’s maritime and economic infrastructure. Dr. Jobson Ewalefoh, Director-General of the ICRC, made this announcement at a high-level stakeholders’ meeting, where a formal statement of endorsement for the project was signed. The project, spearheaded under the administration of Governor Bassey Otu of Cross River State, is positioned as a transformative initiative that aims to enhance Nigeria’s port capacity. It is also expected to stimulate regional development in Cross River and Nigeria.
The Bakassi Deep Seaport, a major public-private partnership (PPP) project, has secured financing from the African Export-Import Bank (Afreximbank). This development shows the growing confidence of international financial institutions in Nigeria’s economic prospects. According to Dr. Ewalefoh, the state government has shown a clear commitment to advancing the project, supported by newly streamlined processes within the ICRC. These specific processes aim to expedite PPP projects without compromising standards.
Project Factsheet
Location: Cross River State
Country: Nigeria
Significance: Alleviate congestion in Lagos and other ports
Project duration: 8 Years
Cost of Phase: U.S. $3.55 Billion
The Significance of the Bakassi Seaport Construction
The significance of the Bakassi deep seaport is expected to be unprecedented, especially in improving the marine sector. Dr. Ewalefoh noted that “Our focus has been on making the process more efficient while maintaining rigorous benchmarks,” Ewalefoh said. “With the commitment we’ve seen from Governor Otu and the support of key stakeholders such as the Ministry of Marine and Blue Economy, the Nigerian Shippers’ Council, and other involved parties, we are confident that the Bakassi Deep Seaport will be completed within record time.”
Ewalefoh also stated, “The Bakassi Deep Seaport will not only serve the people of Cross River but will stand as a key asset for the entire country, reinforcing Nigeria’s position as a gateway to regional trade and economic growth,” he concluded. The project is highly anticipated as it promises to provide viable benefits for Nigerians. Furthermore, it will ensure progression in economic and social spheres for those living in Cross River State and its neighbors.
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What to Know About the Multimillion-dollar Project
The Bakassi deep seaport represents a crucial part of the broader agenda to diversify Nigeria’s economic infrastructure, particularly in the maritime sector. Furthermore, it seeks to reduce the country’s reliance on existing Western ports. Once operational, the Bakassi Deep Seaport is expected to alleviate congestion in Lagos and other major ports, providing critical relief to the Eastern regions of Nigeria. It is also poised to serve as an Agro-Value-Chain port, tapping into the growing potential of Nigeria’s agricultural sector, not only within the South-South region but extending to the North and neighboring African countries.
Governor Otu thanked Afreximbank and the tier-one companies for their support and partnership. He also reiterated his commitment to driving economic growth and development in Cross River State through strategic partnerships and investments. Meanwhile, the President and Chairman of the Board of Afreximbank, Prof Benedict Okey Oramah, expressed the Bank’s commitment to supporting the development of Cross River State through the projects.
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Great to see intra country funding of big African projects.