Nigeria’s Cross River State has secured a $3.5 billion funding from Afreximbank to fund the anticipated Bakassi deep seaport. The African Export-Importbank (Afreximbank) is a Pan-African multilateral financial institution committed to funding some of Africa’s key infrastructure. Governor Bassey Otu, who was in Egypt last week for a workshop visited the financial institution in Cairo. The aim of the visit was to explore possibilities for partnership in key infrastructure projects expected in the state. The workshop held during the visit culminated in the signing of a project preparation facility for the development of the seaport. Furthermore, the governor noted that the partnership was of a world-class magnitude that would result in positioning Cross River State economically. He also expressed his excitement about the collaboration with Afreximbank and emphasized its importance. Otu noted the importance of the projects in promoting economic growth and development in the state.
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Nigeria’s $3.5 billion Bakassi Deep Seaport Construction
Bakassi Deep Seaport Project Factsheet
Project Type:
Greenfield Deep Seaport Development
Location
Bakassi Peninsula, Cross River State, Nigeria
On the Atlantic coast in close proximity to the Gulf of Guinea, providing direct access to international shipping lanes.
Purpose
To develop a world-class deep seaport to cater for heavy seaborne trade, reduce congestion at Nigeria’s existing ports (Lagos and Port Harcourt), and position Cross River State as a logistics and economic hub for West and Central Africa.
Core Functions:
- To accommodate post-Panamax ships
- To serve containerized cargo, bulk commodities, oil and gas logistics
- To export agricultural and industrial goods
Key Infrastructure Features
- Deep-draft berths to accommodate large ships
- Container terminals
- Bulk cargo terminals
- Oil and gas handling facilities
- Inland connection by planned 217 km Superhighway (standalone project)
- Logistics and export processing zones
Total Project Cost
- $3.5 billion
Funding
- African Export-Import Bank (Afreximbank)
Role of Afreximbank in the Project
- Project Preparation Facility
- Financial Advisory Services
- Mandated Lead Arranger for full project financing and syndication
Scope of Implementation
- Phase: Pre-construction and planning stage
- Project Preparation Facility Agreement signed
- Financial Advisory Agreement signed
- Ongoing financial and technical structuring
Partnerships under Consideration
G2B negotiations with ORASCOM Construction, ELSEWEDY Electric, and HASSAN ALLAM Holdings for potential EPC and infrastructure roles
Strategic Importance
- Will spur regional trade, industrialization, and export capacity
- Will create jobs and increase Cross River State’s GDP
- Aims to ease national port congestion and improve maritime logistics
- Aligns with Nigeria’s Blue Economy and regional integration policies
Next Steps
- Completion of technical and feasibility studies
- Finalization of port construction plan and port design
- Mobilization of EPC contractors and allied infrastructure partners
The State of Affairs Regarding the Bakassi Deep Seaport Project
The Bakassi deep seaport is one that has been anticipated for long, with its scope of implementation seeming somewhat foggy. At the visit to Afreximbank, Out had extensive Government-to-Business (G2B) meetings with tier 1 companies. These included ORASCOM Construction, ELSEWEDY Electric and HASSAN ALLAM Holdings. One of the highlights of the engagement was the signing of the project facility agreement and financial advisory agreement. The signings were for two major projects in Cross River, the Bakassi deep seaport and the 217km Superhighway integrated Project.
It also entails other projects such as the Obudu Cattle Ranch and Mountain Resort Project. In his remarks, Otu hinted that “following the signing of the agreement, Afreximbank will now serve as the Mandated Lead Arranger for these projects, marking a significant partnership for the state.” The signing of the agreement was attended by top executives of Afreximbank. These include the President and Chairman of the Board, Prof. Benedict Oramah, Executive Vice Presidents and also Senior Directors Furthermore, Heads of Strategic Business Units were also present at the signing ceremony in Cairo, Egypt.
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Lekki Multi-Purpose Deep Seaport, the deepest of its kind in Nigeria
