The Infrastructure Concession Regulatory Commission has confirmed that construction of the $3.5 billion Bakassi Deep Seaport will commence shortly, marking a significant development for Nigeria’s maritime and economic infrastructure.
This project is expected to enhance the country’s shipping capabilities and boost economic growth.
This was disclosed by the Director-General of ICRC, Dr Jobson Ewalefoh at a high-level stakeholders’ meeting, according to a statement issued on Monday by the acting Head of Media and Publicity, Ifeanyi Nwoko.
Ewalefoh stated that the project is expected to be completed in record time, emphasizing that this assurance is based on four key factors, according to The Punch.
He noted that the project’s timely completion is supported by several factors: the Cross River State Government’s demonstrated commitment, the streamlined ICRC public-private partnership processes, the securing of a financier, and the backing of all stakeholders involved.
The $3.5bn project whose funding has been secured from the African Export-Import Bank, is to be executed as a public-private partnership project.
“We have streamlined our PPP processes to ensure that they are faster than they used to be. We are not compromising standards, we are only making the process more efficient, and I have commenced that as the DG of ICRC.
“With the support of the Ministry of Marine and Blue Economy, Nigerian Ports Authority, Nigerian Shippers Council, and all the stakeholders, my good news for you is that in your tenure as Governor of Cross River State, we will do the groundbreaking and complete the project.
“You have demonstrated that you have what it takes to do it, just like President Bola Tinubu has given confidence to investors to bring their funds to Nigeria. This is not a project that you started, the baton was only handed over to you, but like the man on the last lap, you are running the fastest and you will cut the tape. With the team you have assembled and the activities that are going on, you will arrive at the destination of the Bakassi Deep Seaport,” Ewalefoh stated.
The ICRC D-G expressed confidence that the Bakassi Deep Seaport will become a reality for the people of Cross River State and all Nigerians.
He emphasized the port’s significance in diversifying traffic away from western ports and providing much-needed support to the eastern regions of Nigeria.
Additionally, he noted that the Bakassi Deep Seaport will serve as an agro-value-chain hub, aimed at tapping into the agricultural potential of the South-South region, the North, and the broader African market.
Ewalefoh expressed gratitude to AfreximBank for its confidence in Cross River State and Nigeria.
He took the opportunity to reassure investors that Nigeria remains a prime destination for investment opportunities.
